According to the Ministry of Economy, the value of UAE investments in Azerbaijan amounted to 2.2 billion dollars (8.09 billion dirhams), while Azeri investments in the UAE market are estimated at more than 350 million dollars.
This came at the end of the seventh session of the Economic Committee for Economic, Commercial and Technical Cooperation between the UAE and Azerbaijan, which was held in the Azerbaijani capital Baku.
The Minister of Economy, Engineer Sultan bin Saeed Al-Mansouri, said that «raising levels of non-oil trade between the UAE and the Republic of Azerbaijan, is a major goal of work and cooperation between the two countries during the coming period».
"The volume of non-oil trade exchange between the two countries last year was about 265 million dollars (975 million dirhams), which is still modest and does not live up to the aspirations and economic potential of both countries," he said. He added that «the number of direct flights to the UAE airlines recorded 27 flights a week, up to 44 flights at peak times».
Tourism exchange between the two countries has registered a significant growth, with the number of hotel guests coming to the country from the Azeri market about 4.3%, with a total number of more than 54 thousand hotel guests in 2018, compared to about 52 thousand hotel guests in 2017. The number of tourists from About 94,000 tourists visited Azerbaijan in 2018.
During the discussions of the seventh session of the Joint Economic Commission, the two countries agreed on a number of key themes to strengthen cooperation frameworks in more than 14 vital sectors, including trade, investment, entrepreneurship, industry, transport, renewable energy, ICT, innovation, digital transformation, education and tourism, as well as the importance of opportunities in Food and water security, environment, agriculture and water solutions.