UAE, Azerbaijan discuss enhancing trade relations

The Dubai Chamber of Commerce and Industry recently hosted a meeting in Baku which brought together key stakeholders from Azerbaijan’s public and private sectors to explore potentials to boost Dubai-Azerbaijan trade in the future.

The meeting, which was attended by Dr. Mohammed Ahmed Hamel Al Qubaisi, UAE Ambassador to Azerbaijan, Dr. Sahil Babayev, Azerbaijani Deputy Minister of Economy, marks the 5th anniversary of the chamber’s representative office in Azerbaijan.

Dr. Babayev lauded the strong relations existing between his country and the UAE, emphasising his keenness to expand bilateral trade and explore new avenues of cooperation between the two countries.

Speaking on the occasion, Omar Khan, Director of International Offices at Dubai Chamber, highlighted the important role of the chamber’s office in Azerbaijan, which was opened in Baku in 2012, as a gateway to the UAE investments in the market of Azerbaijan, in addition to opening the way for Azerbaijani companies wishing to enter the Dubai market.

He pointed out that Dubai's non-oil trade with Azerbaijan during 2016 amounted to about AED808 million, while Azerbaijan ranked 103 on the list of trading partners of Dubai during the same year, with the presence of about 240 Azeri companies operating in Dubai and registered in Dubai's chamber in 2016.

Sanan Nasibli, Head of Dubai Chamber Representative Office in Azerbaijan, said that there is still plenty of scope to increase the volume of bilateral trade and investment, especially within the agriculture, logistics, and tourism sectors. He explained that the Chamber’s Azerbaijan office has succeeded in building valuable relationships in the country, and added that it would continue to work towards joint economic partnerships that create mutual benefits and economic growth.

Dubai chamber’s representative office in Baku is a gateway to the UAE investments in the Azerbaijan market, while it actively promotes Dubai as an attractive business hub for Azerbaijani companies that are keen to expand their reach in the GCC and other growth markets in Africa and Asia.

Three companies were awarded for their leadership and contribution toward bilateral relations.