Ministry of Economy Titled UAE-Azerbaijan Joint Economic Committee to Hold Sixth Session in Abu Dhabi Next Week

Government

Ministry of Economy Titled UAE-Azerbaijan Joint Economic Committee to Hold Sixth Session in Abu Dhabi Next Week

The sixth session of the Joint Governmental Committee for Economic, Commercial and Technical Participation will be held on April 20, 2017 in Abu Dhabi under the chairmanship of H.E. Sultan bin Saeed Al Mansoori, Minister of Economic climate, and H.E. Shaheen Mustafa Ayev, Minister of Economic Advancement of Azerbaijan.

A number of senior government officials, agents of business community and the economic sector of the two nations will certainly take part in the board's work.

The Joint Economic Committee will certainly be taking a look at ways of reinforcing the financial collaboration between the two countries, stimulating bilateral trade and financial investment growths, and reinforcing bilateral relationships, especially in the locations of industry, culture and tourist, agriculture, power, renewable resource, atmosphere, natural resources, water administration, and modern interactions technology. It will also explore chances for joint investments and strengthen both countries' business ties and collaboration.

H.E. Al Mansoori stated that the board's series of conferences are a possibility to enhance the economic teamwork and increase trade and investment quantity between the two nations according to the vision of their respective leaders.

He pointed out that the quantity of non-oil trade between both countries reached USD 605 million by the end of 2015, consisting of trade with totally free zones. Despite its importance, it still does not reflect the chances and possibilities offered in both countries. As a result, we have to work together to check out new possibilities and encouraging industries to raise this number."

The Minister included: "Despite the impressive progression in our bilateral connections, we are persuaded that our trade exchange and joint investment can still be enhanced additional inning accordance with the respective aspirations of our countries."

H.E. also highlighted the important role played by the private sector and the business community in improving bilateral trade and financial investment cooperation. Various financial investment chances and rewarding collaborations across different industries are readily available in both nations, which, if totally touched, could boost permanent economic development and sustainability.

The Minister noted in mind that both sides' eagerness to participate in the conferences of the Joint Economic Committee reflects the usual will to push ahead their bilateral connections and lay the structure for more powerful financial, trade and technical collaboration. It additionally shows their willingness to develop ideal frameworks and follow-up systems.

The Minister stressed that the committee's tasks cover numerous vital styles, consisting of boosted trade quantity and stronger exclusive financial investment cooperation that will ensure the development process of both mechanisms.

The bilateral economic connections between the UAE and Azerbaijan have seen a substantial development over current years taking into account their respective financial growth and usual desire to strengthen their relations throughout various areas. The most crucial products exported by the UAE to Azerbaijan are polyethylene polymers, furnishings, and its parts, among others. The re-exported items to Azerbaijan include car components and devices, electric home appliances, telephones, and wireless tools. The UAE imports natural leathers, steels, weaving, and food and juices from Azerbaijan.