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Thursday, March 23, 2023

UAE-Azerbaijan trade triples in 5 years, up 270%: Minister

UAE-Azerbaijan trade triples in 5 years, up 270%: Minister

ABU DHAI – Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that economic and trade relations between the UAE and Azerbaijan are developing steadily, noting that their non-oil trade volume has more than tripled in 2018 over the past five years.

Al Zeyoudi said in a statement to the Emirates News Agency (WAM) that non-oil trade between the two countries totaled more than AED10.2 billion over the past five years, a 270 percent increase from AED974.2 million in 2018 to AED3. 600 million by 2022, an increase of 46% over 2021.

Trade between the two countries in 2022 is distributed between imports of AED 32.6 million, exports of AED 351.9 million and re-exports of AED 3.5 billion, he added.

“The significant growth in foreign trade exchanges is due to increased investment, cooperation and exchange of experiences,” Al Zeyoudi said.

He added that Azerbaijan is a gateway to Eastern Europe and many markets in the region.

Al Zeyoudi highlighted various sectors that create food investment opportunities in both countries, including services, real estate, food safety and logistics.

In the UAE and Azerbaijan, there are many industries that constitute good investment opportunities, including services, real estate, food safety and logistics, he said.

He added that the economic and trade relations between the two countries have continued to develop and diversify, especially in the fields of renewable energy and environmentally friendly energy.

The UAE’s non-oil exports to Azerbaijan include non-crude oil, tobacco products, automatic spraying devices, pressure reducing taps and valves, plastic products, various chemical products, gold, perfumes, paper products, aluminum, tea and organic chemical products, he explained road.

Al Zeyoudi noted that the most important re-exports were telephones, television screens, automobiles and their parts, pumps, fans, computers, aircraft parts, aluminum sheets, mineral oil, tyres, paper and related products.

The main imported commodities are gold, jewelry and its products, plants, tobacco products, copper wire, copper products, shellfish and so on.

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