UAE trade with Azerbaijan increases 3-fold in 5 years

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the UAE-Azerbaijan economic and trade relations are witnessing steady development, noting that the value of their non-oil trade increased by over three times during the past five years.

In a statement to the Emirates News Agency (WAM), Al Zeyoudi stated that the non-oil trade between the two countries totalled more than Dhs10.2 billion over the past five years, rising 270 percent from Dhs974.2 million in 2018 to Dhs3.6 billion in 2022, an increase of 46 per cent compared to 2021.

He added that the trade between the two countries in 2022 was distributed between Dhs32.6 million in imports, Dhs351.9 million in exports, and Dhs3.5 billion in re-exports.

“The significant rise in the foreign trade exchange comes in light of the increase in investments, cooperation and exchanging 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 security and logistics.

He stated that there are many sectors that constitute good opportunities for investment in the UAE and Azerbaijan, including the service sector, real estate, food security and the logistics sector.

The economic and trade relations between the two countries are witnessing continued development and diversification, most notably in the areas of renewable and environmentally-friendly energy, he added.

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

Al Zeyoudi noted that the most important re-export commodities were phones, TV screens, cars and their parts, pumps, fans, computers, aircraft parts, aluminum sheets, mineral oils, tires, paper and related products.

The main import commodities were gold, jewellery and their manufactures, plants, tobacco products, copper wires, copper products, shell fruits and others.

Bilateral trade between UAE, Azerbaijan have significantly advanced. Mohammed Murad Al Balushi, UAE Ambassador to Azerbaijan, stressed that the UAE and Azerbaijan have deep-rooted ties and are keen to expand their bilateral trade. In his statement to the Emirates News Agency (WAM), Al Balushi said that the UAE, under the leadership of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, is keen to enhance its overall relations with Azerbaijan.

The bilateral ties between the two countries were further strengthened after the inauguration of the UAE Embassy in the Azeri capital, Baku, in 2011, and have witnessed advancement due to the mutual keenness of their leaderships, he added. Their economic, tourism, energy, trade and investment cooperation has also seen solid development. Al Balushi then talked about several key trade and investment opportunities that will boost the ongoing partnership between the two countries, noting that the UAE inaugurated its first commercial representative office in Azerbaijan, in light of the growing non-oil trade exchange between the two countries, which totalled AED2.4 billion in 2021.

Azerbaijan also offers leading services, most notably the ASAN service, which is a range of unified government services for individuals, in addition to an e-government platform and a smart city concept, he added. Azerbaijan is successfully achieving development under the leadership of Ilham Aliyev, President of Azerbaijan, who is keen to strengthen the process of sustainable development in the country, and achieve stability and prosperity for the Azeri people, Al Balushi said in conclusion.

Mikayil Jabbarov, Minister of Economy and Chairman of the UAE-Azerbaijan Joint Economic Committee, said the UAE and Azerbaijan have established strong relations that go beyond their commercial and economic cooperation.

In a statement to the Emirates News Agency (WAM), Jabbarov highlighted his country’s keenness to enhance its economic and trade cooperation with the UAE, noting that their trade exchange totalled Dhs3.64 billion in 2022.

Jabbarov pointed out that the two countries have embarked on a wide range of joint investments in oil and gas, renewable energy, petrochemicals and agriculture sectors. These investments will positively impact trade and investment ties between the two countries.  

WAM