Abu Dhabi, Armenia to foster economic and trade relations

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and Enterprise Armenia has signed a cooperation agreement to foster economic and trade relations between their members, form positive partnerships, and transfer technology, expertise and best practices.

Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber, signed the agreement on behalf of the chamber, while Aram Vardanyan, Investment Director of Enterprise Armenia, signed the document on behalf of his organisation, at Expo 2020 Dubai.

Vahan Kerobyan, Armenia Minister of Economy, and a number of Emirati and Armenian officials attended the signing ceremony.

The newly signed agreement states that both sides shall share information about their respective markets and the policy, principles and laws on trade and investment for the benefit of both parties.

Both sides will also explore the possibilities of executing projects in various areas of economic and technical cooperation.

Commenting on the newly signed agreement, Al Mheiri said that the agreement asserts the continuous efforts of the chamber in cementing its partnerships with regional and international entities.

“The past few years, our relations with Armenia witnessed considerable development on all levels and that helped increase trade exchange and investments between Abu Dhabi and Armenian businesses,” he said, noting that the agreement will encourage exports and imports between the two sides.

Vardanyan expressed his pleasure at signing the agreement, emphasising the importance of exploring new mutual prospects of cooperation in diverse developmental sectors by increasing positive cooperation and seizing all the available investment opportunities of common interest.

He added that Armenia views Abu Dhabi as an attractive destination for its entrepreneurs, pointing out that the new agreement would open the doors for cooperation between the two countries.

Meanwhile the Abu Dhabi Chamber of Commerce and Industry, in cooperation with Korea International Trade Association (KITA), have organised a Business Roundtable between Emirati and Korean businesses operating in the renewable energy and green hydrogen sectors, in line with the ongoing Abu Dhabi Sustainability Week 2022.

The business roundtable witnessed the attendance of Moon Jae-in, President of Korea, who is on an official visit to the UAE.

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, attended the meeting along with Abdullah Mohamed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of Abu Dhabi Chamber, and Christopher Koo, Chairman of KITA.

A number of officials and representatives of Emirati businesses working in the energy sector attended the meeting as well, including Mubadala Investment Company, Abu Dhabi National Oil Company Adnoc, Abu Dhabi Developmental Holding Company ADQ.

In his opening speech, Suhail Al Mazrouei said that the UAE is keen to expand its partnerships with Korea and Korean companies and to build upon the long track record of its cooperative success in an array of fields , including nuclear energy, oil and gas, and technology.

“In this regard, the UAE’s efforts to make hydrogen central to its future energy ambitions open the door for further expansion of our bilateral partnerships,” he added, noting that that the UAE believes that working closely with Korea, a country with a wealth of experience in the adoption of cutting-edge technological solutions is crucial to the UAE long-term success.

For his part, Abdullah Al Mazrouei welcomed President Moon Jae-in in the UAE, saying that his presence reflects Korea’s awareness in boosting cooperation relations with the UAE on all levels.

WAM