UAE And Azerbaijan To Bolster Partnership For Sustainable Growth

The ninth meeting of the UAE-Azerbaijan Joint Intergovernmental Commission (JIC) for Economic, Trade and Technical Cooperation was held in Shusha, Azerbaijan. Abdullah bin Touq Al Marri, Minister of Economy, led the meeting alongside Mikayil Jabbarov, his Azerbaijani counterpart. Senior government and private sector officials and representatives were present at the meeting.

In the meeting, both countries agreed to strengthen their economic collaboration in multiple areas. This list encompasses entrepreneurship, small and medium-sized enterprises, tourism, aviation, manufacturing, creativity, advancements in technology, farming, ensuring food security, transportation of goods, cultural activities, power sources, sustainable power, and financial commitments. Bin Touq emphasized that the UAE and Azerbaijan have developed strong strategic ties over a period of thirty years.

"The latest JIC session is a key milestone in strengthening the economic ties between the UAE and Azerbaijan. The meeting discussed several vital economic sectors that have the potential to drive the sustainable development of both economies. We are keen to work closely with our Azerbaijani partners to open up new avenues for collaboration and create diverse opportunities in various sectors, thereby supporting the sustainable growth of both economies," said Bin Touq.

During the meeting, Bin Touq assessed the advancements in the business environment of the UAE. Significantly, revisions to the Commercial Companies Law now permit complete foreign ownership. This shift resulted in over 275,000 new businesses being registered within a period of only eighteen months. At the conclusion of 2023, over 788,000 companies were in operation in the UAE.

He encouraged Azerbaijani companies to take advantage of these adaptable policies for creating new businesses. Recent changes in family business and commercial agency laws have also enhanced the business environment. Furthermore, changes were made to visa and residency programs in order to attract skilled individuals and business owners.