Minister: UAE companies - leading investors in renewable energy projects in Azerbaijan

In the Emirati renewable energy projects in Azerbaijan, UAE companies act as strategic partners and leading investors for the country.

Report informs that the Economy Minister of Azerbaijan Mikayil Jabbarov said this at a reception held in Baku on the occasion of the National Day of the UAE.

Jabbarov noted that today the United Arab Emirates is one of the rapidly developing successful states:

"Of course, the achieved success and sustainable development make us very happy. Political, economic, and cultural relations between our countries are deepening as a result of the wise policy of the leaders of both countries.

The historic visit of His Highness Sheikh Mohammed bin Zayed Al Nahyan to Karabakh in September this year is a clear example of our friendship and solidarity, and strategic partnership. During the visit, a number of important documents that elevated our cooperation to a new level were signed, including the Joint Declaration on Comprehensive Strategic Partnership between the Republic of Azerbaijan and the United Arab Emirates, which is of special importance."

The minister emphasized that the economic agenda in bilateral relations is rich, and mutually beneficial and successful cooperation is observed in the fields of trade, investments, and energy:

"During the high-level visit to Abu Dhabi in July this year, we signed the Comprehensive Economic Partnership Agreement. The document will serve to increase trade turnover and investment flows between our countries, and to establish a more competitive and sustainable economic partnership.

Taking into account the role of entrepreneurs in the expansion of trade and investment relations, it was decided to establish a Joint Business Council. This new institutional mechanism will contribute to elevating cooperation between business circles to a higher level.

Our cooperation in the field of investment is of significant importance. The Joint Investment Fund with a financial capacity of $1 billion is one of the most important tools in this area. Currently, negotiations are underway regarding investment in a number of projects within the framework of the fund. During the First Azerbaijan International Investment Forum held in Baku in September this year, a cooperation agreement was signed with Modon Holding for a $5 billion investment in urban development project.

Our partnership in the oil and gas sector is developing as a result of the successful cooperation between SOCAR and ADNOC companies. At the same time, we also observe an increasing interest in cooperation on new projects."

Mikayil Jabbarov also brought to attention that the construction of the first Solar Power Plant that was put into operation was carried out with the support of the Arab Emirates:

"Our cooperation with Masdar company on solar and wind energy projects in Neftchala, Bilasuvar, and Garadagh continues successfully. This partnership makes a significant contribution to achieving our country's green energy goals."