Azerbaijan is not a new country for the United Arab Emirates (UAE), the head of the Azerbaijan Export and Investment Promotion Fund (AZPROMO) Rufat Mammadov said on Thursday, speaking at a presentation of investment opportunities in Azerbaijan for a delegation comprising entrepreneurs from the UAE in the framework of BakuBuild exhibition. The presentation was organised by the Dubai Exports Agency with the support of AZPROMO.
"Since the establishment of diplomatic relations between the two countries in 1992, both Azerbaijan and the UAE have come a long way of development, as well as our relationship. During the past 10 years, Azerbaijan's economy grew by 3.4 times and the country has invested in total over $150 billion. Since the restoration of independence in 1991, the share of the private sector in country's GDP has increased from zero to 73-74 per cent," the head of AZPROMO said.
According to him, investors from the United Arab Emirates are among the most active in the Azerbaijani market.
"Our cooperation is actively developing. Investors from the UAE have invested over $360 million into the Azerbaijani economy. Trade turnover between our countries is around $115-120 million per annum. I consider that this is not the limit for the potential of economic cooperation between Azerbaijan and the UAE. I am sure this development will continue and not only due to government initiatives, but also the private sector," Mammadov stressed.