Dubai Chamber discusses potential to expand bilateral trade with Azerbaijan
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 the potential to boost Dubai-Azerbaijan trade in the future.
The meeting was attended by 110 delegates and held as part of a networking event which marked the fifth anniversary of the Chamber’s representative office in Azerbaijan. By hosting the event, the Chamber aimed to further develop its relationships with government and business leaders in the country.
During the gathering, HE Dr. Sahil Babayev, Azerbaijan’s Deputy Minister of Economy and three companies were awarded for their leadership and contribution toward bilateral relations. In his keynote address, Babayev lauded the strong relations existing between his country and the UAE, stressed his keenness to expand bilateral trade and explore new avenues of cooperation.
Addressing the delegates, Omar Khan, Director of International Offices at Dubai Chamber, highlighted the important role that the Chamber’s Azerbaijan’s office has played in enhancing economic cooperation. He noted that non-oil trade between Azerbaijan and Dubai has grown steadily since the Baku office was opened in 2012, reaching $220 million in 2016.
In addition, he revealed that the number of Azerbaijani companies registered with Dubai Chamber now exceeds 240, marking the growing confidence in Dubai as a trade and investment hub for companies in Azerbaijan and other markets across the Commonwealth of Independent States (CIS) region.
Sanan Nasibli, Head of Dubai Chamber Representative Office in Azerbaijan said 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.
Azerbaijan is an economic leader in the South Caucasus region, and the country’s business environment remains one of the strongest and most reliable in the CIS region. Economic cooperation between UAE and Azerbaijan has strengthened following the signing of several strategic agreements in recent years to avoid double taxation, protect the rights of investors, and facilitate bilateral trade and investment.