Dubai explores potential to expand trade ties with Azerbaijan

WAM -- The Dubai Chamber of Commerce and Industry hosted a high-level delegation from Azerbaijan on Wednesday at its head office, which was led by Sahil Babayev, the country’s Deputy Minister of Economy.

The visiting delegation, which included 28 representatives from the country’s public and private sectors, was received by Majid Al Shamsi, Vice Chairman of Dubai Chamber, and Mohammed Al Shehhi, Under-Secretary for Economic Affairs for the UAE Ministry of Economy.

The delegates met with Al Shamsi, Al Shehhi, and a group of UAE-based businessmen representing some of the country’s leading food and retail companies to discuss the potential to expand trade ties and increase bilateral investment.

Addressing the delegation, Al Shamsi highlighted the unique trade relationship between Azerbaijan and the UAE, which has strengthened in recent years supported by high-level visits from both sides. He explained that Dubai-Azerbaijan non-oil trade has grown significantly following the opening of Dubai Chamber’s first representative office in Baku in 2012, and revealed that the number of Azerbaijani companies registered with the Chamber has recently exceeded 230.

The Dubai Chamber’s Vice Chairman noted that non-oil trade between Dubai and Azerbaijan amounted to AED808 million ($220 million) last year. He pointed out that the emirate has become a major re-export hub and a logical base for traders from Central Asia to reach major consumer markets in the Middle East and Africa.

Al Shehhi highlighted the fact that economic co-operation, trade and investment have contributed greatly to strengthening relations between the UAE and Azerbaijan. He revealed that non-oil bilateral trade exceeded $600 million in 2015 including free zones, and said that there was still plenty of scope to further develop relations and align economic co-operation keeping the interests of both countries in mind.

Babayev thanked the UAE Ministry of Economy and Dubai Chamber for their support and said that Azerbaijan’s government remains committed to exploring all existing possibilities to increase bilateral trade and promote mutual co-operation.

Babayev revealed that Azerbaijan investments in the UAE have been valued at $300 million, while the number of UAE companies operating in Azerbaijan has reached 255. He stated that a lot of potential exists to expand the scope of investments, adding that Azerbaijan’s Ministry of Economy is evaluating prospects for expanding linkages in key sectors.

"We are ready to co-operate with the UAE and create new joint ventures in the areas of industry, logistics, and transport, while we also hope to attract UAE businesses that want to set up in Azerbaijan," Babayev said.