UAE Minister of Economy opens second meeting of UAE- Azerbaijan Joint Economic Committee

The second meeting of the UAE- Azerbaijan joint economic committee was inaugurated today in Abu Dhabi. H.E Sultan Bin Saeed Al Mansouri, UAE Minister of Economy and his counterpart H.E Shaheen Mustaphiaaph, Azerbaijan’s Minister of Economic Development, opened the first session the meeting in the presence of senior officials of both countries.

The meeting will be held through December 22, 2009, to discuss ways of developing the role of private sector and leveraging investment opportunities in both countries.
Mr Al Mansouri said: “This meeting mark the beginning of a new era of stronger economic cooperation between the UAE and Atherbijan. The UAE has achieved significant qualitative shifts in the fields of social and economic growth in the last decades, led by the vision of its wise leadership. The UAE leaders focus on enhancing the role of the private sector and have introduced legislations and laws to strengthen development by implementing the latest technologies and raising the standard of supporting services.”

He added: “All these have shaped a robust business-friendly environment in the UAE that attracts major investments from around the world. Additionally, the inception of free zones, zero income taxes, the flexibility and efficiency of the banking sector, and political stability make the UAE a model of pride and glory among Arab countries.”

Mr Al Mansouri said that the Ministry is exerting efforts to further strengthen the investment climate, by preparing a draft law on foreign investment whereby more protection will be granted along with systematic incentives for foreign investors. “We are also preparing a draft law that is set to guarantee a suitable climate for investors to do businesses in a fair and equal opportunity growth environment.”

Mr Al Mansouri said these have helped the UAE to cushion the impact of the global financial crisis and helped gain local and international confidence, supported further by the government’s initiatives such as bank deposit guarantees, financial packages for the banking sector and the formation of a committee to evaluate the crisis.

Mr Al Mansouri stressed the UAE’s commitment to enhance bilateral relations with Azerbaijan especially in investments and trade. “These meetings are considered ideal to build strong relationships between our countries especially by driving the participation of the private sector. Since the first meeting of the committee held in Baku last year, several changes have occurred in the global economic climate, which require from both sides to enhance economic ties and increase bilateral trade to the highest levels,” he added.
Mr Al Mansouri said Azerbaijan is a model for economic diversification and the UAE is looking forward to come up with best results from the meeting by removing all obstacles that might affect trade flow between the two countries. “We are looking forward to raise cooperation in exchanging investments and to guide businessmen from both countries to meet together and explore investment opportunities”.

Mr Al Mansouri praised the development of Azerbaijan’s economy due to the open policy adopted by the government. The UAE- Azerbaijan bilateral relations have witnessed remarkable progress over the past years, with an economic and trade agreement signed in 2006 and trade growing by 7%. Non-oil trade increased from US$147 million in 2002 to US$318 million in 2006 with an annual growth rate by 21%