The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Abu Dhabi / WAM
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 AED10.2 billion over the past five years, rising 270 percent from AED974.2 million in 2018 to AED3.6 billion in 2022, an increase of 46 percent compared to 2021.
He added that the trade between the two countries in 2022 was distributed between AED32.6 million in imports, AED351.9 million in exports, and AED3.5 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.
