Baku, Abu-Dhabi eye expanding cooperation between entrepreneurs

By Azernews

By Ayya Lmahamad

Azerbaijan and the United Arab Emirates have discussed opportunities for expanding relations between the entrepreneurs of the two countries, Azernews reports.

The discussion took place during the meeting between Azerbaijan’s Small and Medium Business Development Agency Board Chairman Orkhan Mammadov with the UAE’s ambassador Mohammed Murad Al Blooshi.

During the meeting, the parties also discussed the joint initiatives in the mentioned area and the exchange of experience in the SMBs sector.

Earlier, the ambassador held a meeting with Economy Minister Mikayil Jabbarov, where they discussed the expansion of cooperation in trade, mutual investment, SMBs, logistics, and tourism sectors.

The diplomatic relations between Azerbaijan and the United Arab Emirates were established on September 1, 1992. The trade turnover between the two countries amounted to $50.4 million in 2021.

Last year, Azerbaijan and the UAE signed agreements on pilot projects in renewable energy. Under the agreement, the building of a 230-MW solar power plant is envisaged. On March 15, a groundbreaking ceremony for the 230 MW Garadagh solar power plant, to be constructed by the United Arab Emirates' Masdar company, was held in Baku’s Gulustan Palace. The plant is designed to produce 500 million kWh of electricity per year and supply it to approximately 110,000 households. It will reduce gas consumption by 110 million cubic meters and environmental emissions by 200,000 tons.