UAE investments in Azerbaijan's economy exceeded $200mln

The UAE investments in Azerbaijan's economy exceeded $200 million, Deputy Economy Minister of the UAE Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during the joint business forum, which is underway in Baku on Wednesday.

"There is great potential for development of cooperation between the two countries, and trade turnover between the UAE and Azerbaijan, which increased by 24 percent, does not meet the existing potential," Al Shihhi said.

In his turn, Azerbaijani Economic Development Minister Shahin Mustafayev called non-oil sector, tourism, agriculture, development of transit sphere, as well as industry as priority areas of cooperation with the UAE.

According to the Azerbaijani statistics, trade turnover between the two countries increased by 57 percent compared to last year.

During the event, acting chairman of Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov spoke about the development of Azerbaijan's economy and potential of development of economic relations between the countries.

The business forum is being attended by over 30 entrepreneurs from the UAE, including representatives of Al Shafar General Contracting Co, Al Serkal Group, Fly Dubai, Earth Developer, Bin Hendi Group, Al Islami Foods, GMP, and others, as well as more than 140 Azerbaijani businessmen.


/Trend/