Shikarov added that the preliminary agreement on that issue has been already reached on the level of the governments of the two countries.

"The establishment of the fund would contribute to making joint investments in mutually beneficial projects," he said. "It is important to invest in such areas that stimulate the growth of mutual investments and increase trade turnover, in particular, in the agro-industrial complex, food industry, logistics, transport systems."

The ambassador added that the funds, to be distributed by the new investment fund, will be used for the establishment of new enterprises.

"In general, the fund can be a tool for the modernization of the Azerbaijan-UAE bilateral relations," he said.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and the UAE amounted to $50.6 million in January-July 2016.

Earlier, Shahin Mustafayev, Azerbaijani economy minister, said that the trade turnover between Azerbaijan and the UAE has increased by more than 40 percent for January-July 2016.

"This is a very good index, given that the current world processes do not contribute to the development of trade turnover between Azerbaijan and the UAE," Mustafayev said. "The governments of Azerbaijan and the UAE are working to improve these indices."