UAE, Azerbaijan enhance economic, trade, investment cooperation: Azeri Minister of Economy

UAE, Azerbaijan enhance economic, trade, investment cooperation: Azeri Minister of Economy

BAKU, 17th February, 2023 (WAM) -- 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 AED3.64 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.

He added that Azerbaijan's first solar power plant will begin commercial operations this year. It is being conducted in cooperation with Masdar, as well as other projects being implemented as part of the related agreements signed between the Ministry of Energy in Azerbaijan and the State Oil Company of the Republic of Azerbaijan (SOCAR) and Masdar Company to invest in solar and wind power and produce nearly 2GW of electricity each in Phases I and II.

Jabbarov stressed that the two friendly countries have significant potential in the field of energy, as they are both