TODAY.AZ / Business

SOCAR, ENOC to invest in various projects

16 July 2019 [16:21] - TODAY.AZ

By Azernews

By Leman Mammadova

SOCAR and ENOC are in search of new direction for fruitful cooperation in energy sector with a particular accent on the possibilities of investing in various projects, as well as prospects for interaction.

Rovnag Abdullayev, President of SOCAR (state oil company), and Saeed Mohammed Al Tayer, Deputy Chairman of ENOC, UAE's global diversified energy group, discussed possibilities of investing in various projects between the companies, on July 15, in Baku.

The relations between Azerbaijan and the United Arab Emirates (UAE) are at a high level in many spheres and both countries are actively cooperating on creation of the trade and investment opportunities to enhance the cooperation among businesses.

Presently, about 300 UAE companies operate in Azerbaijan in industry, construction, trade, agriculture, communication, transport and service.

Abdullayev informed the ENOC delegation about local and international projects implemented by SOCAR. He noted that such meetings can play a special role in the establishment of new ties in the field of cooperation.

Al Tayer, in turn, stressed that ENOC closely monitors the activities of the SOCAR.

The UAE and Azerbaijan have established the Intergovernmental Joint Economic Committee which aims to improve the economic cooperation between the two countries by enhancing trade and investment at the bilateral level and exploring new initiatives for bilateral investments and joint projects in the future.

The two countries enjoy good opportunities for mutual investments, joint implementation of various projects, including agricultural sector, as well as for the creation of joint ventures, especially in tourism sector.

So far, UAE invested $2.1 billion in Azerbaijan, of which $1.3 billion was put in the oil sector, and $806 million - in the non-oil sector of the country. Azerbaijan, in turn, invested $330 million in the UAE.

Trade turnover between the two countries amounted to $54 million in 2018. UAE exported goods worth $32 million to Azerbaijan, while Azerbaijani exports to the UAE reached $22 million. Azerbaijan mainly imports high-tech products, electronics, industrial goods and building materials from the UAE and exports fruits, juices, nuts, metal semi-finished products, etc. to the country.

In January 2019, Azerbaijan’s Trade House was opened in Dubai. The opening of the trade house is intended to raise the exports of non-oil goods to the UAE and promote Azerbaijani goods and have the aim to increase the bilateral trade.

Earlier, the first overseas office of Dubai Chamber of Commerce and Industry has been opened in Baku. Thus, Azerbaijan directly supports the economic growth in both of the countries and at the same time strengthens the bilateral relations.

Now the two countries keen to open discussions on economic cooperation and building future cooperation in nine crucial sectors throughout these years: agriculture, renewable energy, tourism, the environment, irrigation, communications, modern technology and air transport.


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