Baku: Azerbaijan’s Minister of Economy, Mikayil Jabbarov, announced plans to establish a Joint Business Council to enhance trade and investment relations with the United Arab Emirates (UAE). Speaking at an event in Baku celebrating the UAE’s national holiday, Jabbarov highlighted the significance of the recent visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan to Garabagh, which underscored the robust friendship and strategic partnership between the two nations. The visit resulted in the signing of several key documents, including the Joint Declaration on Comprehensive Strategic Partnership Relations.

According to Azerbaijan State News Agency, Jabbarov emphasized the successful progress of cooperation between Azerbaijan and the UAE across various sectors, particularly in economic and trade relations. Both countries are committed to strengthening these ties, with a focus on investment collaboration. The Joint Investment Fund, which has a financial capacity of $1 billion, plays a crucial role in this cooperation. Ongoing negotiations within the Fund are centered on several investment projects, including a $5 billion urban development project in collaboration with Modon Holding, agreed upon during the First Azerbaijan International Investment Forum in Baku.

Jabbarov also noted the expansion of partnerships in the oil and gas sector, highlighted by the cooperation between SOCAR and ADNOC. Additionally, UAE-based businesses are actively investing in Azerbaijan’s renewable energy projects, having contributed to the construction of the country’s first solar power plant. The proposed Joint Business Council aims to further elevate trade and investment collaborations by fostering stronger ties between business communities in both nations.