UAE & Azerbaijan Conclude 6th Joint Economic Committee
The Sixth session of the UAE-Azerbaijan Joint Economic Committee held at the Grand Hyatt Hotel in Dubai and co-chaired by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economic situation, and his counterpart, H.E. Shahin Mustafayev, Azerbaijan's Minister of Economic Growth, has wrapped up on a high note. The meeting was participated in by H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary of Economic Affairs at the Ministry of Economy; H.E. Sahil Babayev, Deputy Minister of Economic situation of the Republic of Azerbaijan; H.E. Dr. Mohammed Ahmed Hamel Al Qubaisi, UAE Ambassador to Azerbaijan, and H.E. Dashgin Shikarov, Ambassador of Azerbaijan to the UAE. Additionally present were an elite group of senior officials and reps of federal government authorities and business sectors from both sides.
Participants discussed economic teamwork and enhanced bilateral relationships with future collaboration in the nine key locations of farming, industry, renewable resource, tourism, the setting, water, communications, modern technology and air transportation. They additionally discussed the development of trade and investment exchanges and the enhancing ties in between their nations' business communities.
Several promising joint tasks in the areas of logistical services, open market areas and medical industries were identified. Among the most famous is an arrangement authorized by DP World, the Ministry of Economy in Azerbaijan and the Port of Baku on September 7, 2016, to develop the Alyat Free Trade Zone in Azerbaijan. The project is considered one of one of the most noticeable success stories of the UAE-Azerbaijan Joint Economic Committee.
H.E. Eng. Al Mansoori highlighted the importance of the conferences which have actually been held frequently during the past eight years. He said that the sessions convert the common wish to boost the level of economic and technological cooperation in between both friendly countries.
He described the expanding trade exchange during recent years, sharing that total bilateral non-oil international trade inclusive of totally free area trade covered USD 605 million in 2015, and reached USD 228 million throughout the initial nine months of 2016.
The Minister explained that considering that the Committee's last session in November 2014, numerous global financial growths have actually occurred and both sides have to thus function hand in hand to develop a program of teamwork mirroring these growths to properly manage related concerns to serve their common interests.
H.E. even more assessed the UAE's achievements in constructing a versatile economic climate with the ability of equaling global activities while protecting its development and competitiveness by focusing on boosting the course of financial diversity. He kept in mind the vital support of the sensible vision of the management to build a future that ensures the well-being and joy of the country's people and residents.
Inning accordance with initial estimates for 2016, the national economy grew at around 3 percent at constant costs, showing its capacity to conquer various global difficulties. The non-oil sectors broadened by 2.7 percent while the payment of the crude oil and natural gas industries slid to concerning 16.7 per cent of the actual GDP. This falls within the structure of an ambitious economic plan articulated by UAE Vision 2021's objective of constructing a diversified and globally affordable economic climate based on knowledge and innovation and driven by experienced Nationals.
H.E. Al Mansoori added that the UAE considers the Republic of Azerbaijan as an important investment and trade partner because of their strong financial ties. He pointed out that their countries will be coordinating additionally in various vital fields, most significantly agriculture, trade, financial investment, industry, tourism, air transportation, renewable resource, communications, and modern technology.
H.E. Mustafayev stated that his nation is interested in more reinforcing teamwork with the UAE in all areas, and advantage primarily from the UAE's experiences in developing financial diversity plans. He added that the Azerbaijani economic situation is still greatly based on the oil sector which presently represents 70 percent of the country's GDP. He commended the UAE for successfully diversifying its economic situation and his country's desire to adhere to suite.
The Azerbaijani Minister likewise emphasized his government's complete assistance in facilitating UAE investments right into the local market across numerous private sectors in accordance with his country's continuous strategy of establish a framework for financial diversification. He kept in mind that total quantity UAE financial investments into Azerbaijan stood at around USD 800 million, while Azerbaijani financial investments in the UAE got to an estimated USD 300 million, with total common financial investments going beyond USD 1 billion.
At the end of the meeting, H.E. Eng. Al Mansoori and H.E. Mustafayev signed the protocol of the Sixth session of the joint economic committee between their two countries which establish nine identified areas for the development of mutual cooperation.
