Azerbaijan, UAE to set up business council

By Azernews

By Ayya Lmahamad

Azerbaijan and the United Arab Emirates plan to establish a business council and working groups to expand business contacts.

A protocol of the meeting of the joint intergovernmental commission on economic, trade, and technical cooperation between Azerbaijan and the UAE was signed on November 3, Economy Minister Mikayil Jabbarov wrote on his official Twitter page.

"According to the protocol, appropriate measures will be taken to strengthen bilateral cooperation in various fields of economy, Business Council and working groups will be established to expand business contacts, cooperation between SME-s and promote mutual investment," the minister wrote.

It should be noted that the protocol was signed by Azerbaijani Economy Minister Mikayil Jabbarov and his UAE counterpart Abdulla Bin Touq Al Marri.

The minister also tweeted that the joint intergovernmental commission is an effective platform for identifying new areas of bilateral partnership.

"During the 8th meeting of the commission, we discussed strengthening cooperation in the fields of investment, trade, 'green' energy, agriculture, food security, SME, innovation, logistics, tourism, health, science," Jabbarov wrote.

Moreover, a memorandum was signed between the Azerbaijani Agency for Small and Medium Businesses Development and the Dubai Chamber, within the meeting of the Azerbaijan-UAE intergovernmental commission in Dubai.

"The document envisages the implementation of joint initiatives to expand bilateral cooperation in the field of trade and business," the agency's board chairman, Orkhan Mammadov, wrote on his official Twitter page.

Currently, Azerbaijani products are showcased at the Global Village International Fair in Dubai.

The trade turnover between the two countries amounted to $33.8 million during the first nine months of the year. Of the total turnover, exports amounted to $10.1 million, while the imports to $23.6 million.

Last year, Azerbaijan and the UAE signed agreements on pilot projects in renewable energy. Under the agreement, the building of a 230-MW solar power plant is envisaged. The solar power plant to be built in Baku and Absheron region will produce about 500 million kWh of electricity annually, save 110 million cubic meters of natural gas, reduce carbon emissions by 200,000 tons, create new jobs and attract other investors to new projects.