Economy Minister Mikail Jabbarov: Azerbaijan invested more than $350 million in UAE economy


November 13, Fineko/abc.az. To date the UAE has invested $2.2 bn in the Azerbaijani economy, including $900 million in the nonoil sector. In its turn, Azerbaijan has invested $350 million in the UAE economy.

The statement was made by Economy Minister Mikayil Jabbarov at a meeting with UAE Economy Minister and Co-Chairman of the two countries’ joint commission Sultan bin Said al-Mansouri.

The Azerbaijani minister pointed out that more than 340 UAE companies are registered in Azerbaijan in the sphere of industry, construction, trade, agriculture, communications, transport, services, etc. In 2018 both states’ trade turnover grew by 38%. The growth trend continued for Jan-Sept 2019 and an increase made up 22.5%.

On the same day, the 7th meeting of the UAE-Azerbaijan Joint Intergovernmental Commission on Economic, Trade & Technical Cooperation took place.

Following the meeting the sides signed the Protocol envisaging the expansion of cooperation in trade, investment, industry, energy, agriculture, food security, environment, transport, communications and high technologies, innovation and digitalization, tourism, culture, and education.