Azerbaijan, UAE eye business cooperation

By Azernews

By Ayya Lmahamad

Azerbaijan and the United Arab Emirates (UAE) have discussed the opportunities to expand cooperation between the business structures of the two countries.

The discussion took place at the meeting between the chairman of the board of the Azerbaijani Small and Medium-sized Businesses Development Agency, Orkhan Mammadov, and the UAE minister of state for entrepreneurship and SMEs, Ahmad Belhoul Al Falasi, in Dubai on November 1.

During the meeting, the parties noted that Azerbaijan and the UAE attach great importance to the development of the SMBs sector. They discussed the support mechanisms used in this area and the work done.

The parties noted the prospects for joint activities of the agency and the ministry in this direction. In addition, the business opportunities of Azerbaijan, including the liberated territories were emphasized.

The sides also focused on the creation of cooperation platforms that would unite the two countries' businessmen.

The trade turnover between the two countries amounted to $33.8 million during the first nine months of the year. Of the total turnover, exports amounted to $10.1 million, while the imports to $23.6 million.

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. The solar power plant to be built in Baku and Absheron region will produce about 500 million kWh of electricity annually, save 110 million cubic meters of natural gas, reduce carbon emissions by 200,000 tons, create new jobs and attract other investors to new projects.