TODAY.AZ / Business

Azerbaijani businessmen could benefit from UAE mediaton in Middle East markets

24 April 2014 [15:20] - TODAY.AZ
Another business forum between Azerbaijan and the UAE will be held as part of the joint intergovernmental commission on trade-economic and technical cooperation.

Azerbaijani Minister of Economy and Industry Shahin Mustafayev made this proposal at a meeting with a delegation led by deputy head of Dubai's Chamber of Commerce Hisham al-Šírava in Baku.

Baku hosted a round table discussion on the development of retail and franchising. It was organized as part of the visit of a delegation of Dubai's Chamber of Commerce (an organization engaged in the development of the business sphere and the protection of business interests in the UAE).

The minister stressed great opportunities for expanding the cooperation in the field of infrastructure, trade, agriculture, and investments, the ministry said on April 22.

"A high level of political relations, the existing legal framework, effective activity of the intergovernmental commission create favorable conditions for the development of economic cooperation," Mustafayev added. "The economic and trade relations between Azerbaijan and the UAE are expanded every year. Opening of Dubai's Chamber of Commerce representative office in the CIS countries in Baku testifies to the importance of cooperation between the two countries."

Šírava called a high level of relations, political and macroeconomic stability, sustainable economic development, as well as a favorable sphere for business and investments as the main reason for establishing a representative office in Azerbaijan. The main purpose of an UAE delegation's visit to Azerbaijan is to examine the country's investment opportunities.

It was also stressed that Dubai hosts numerous exhibitions and events. While participating in such events, business people from Azerbaijan can establish new business relations, as well as enter the markets of the Middle East.

Šírava expressed readiness to render the necessary support for the participation of businessmen from Azerbaijan in the events held by Dubai's Chamber of Commerce.

Some 193 companies with UAE investments are operating in Azerbaijan. Over $ 465 million in investments have been recently made in the country's non-oil sector.


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