UAE, Armenia sign 4 MoUs during joint business forum in Yerevan
Top officials at the event.
The forum saw the signing of four Memorandums of Understanding (MoUs); with three of them between the business communities in both countries and one to establish a UAE-Armenia Business Council.
Organised by the FCCI, the UAE Embassy in Yerevan, and Enterprise Armenia, the event was attended by Dr Nariman Al Mulla, UAE Ambassador to the Republic of Armenia, a UAE trade delegation of around 100 representatives of government and private entities, and over 200 representatives of Armenian companies.
In his keynote, Al Mazrouei invited businesses in both countries to leverage the opportunities and facilities provided by both countries, noting that the signing of MoUs with Enterprise Armenia and the Armenian Chamber of Commerce and Industry will help create new investment opportunities and forge a stronger UAE-Armenian partnership that benefits both countries.
For his part, the Armenian Minister of Economy said that the UAE-Armenia trade exchange reached over US$1 billion, making the UAE one of Armenia’s top three trade partners, alongside Russia and China.
In the first 7 months of 2023, the trade exchange between our countries was valued at $870 million, three-fold its value last year, while investments grew by 20 percent in H1 2023, he added, commending the UAE’s decision to waive pre-entry visas between the UAE and Armenia.
The UAE trade delegation held several meetings with Armenian officials, including the Deputy Prime Minister, the Minister of Economy and the Minister of High-Tech Industry, during which they discussed prospects for boosting trade and investment cooperation and launching economy-driving projects in both countries.
In June, Dr Nariman Al Mulla has highlighted the strong relations between the two countries, which are witnessing a new historical era, underscoring the keenness of both countries to enhance their historical cooperation for the benefit of both countries and peoples.
Dr Al Mulla said on the 25th anniversary of the establishment of diplomatic relations between the UAE and Armenia, that both countries look forward to strengthening bilateral relations, especially in the economic, commercial, and investment fields.
Dr Al Mulla highlighted that under the directives of the leaderships of the UAE and Armenia, mutual economic partnerships are experiencing continuous growth, creating more opportunities for the business community and the private sector in the markets of both countries.
The Ambassador added that there are promising prospects between the UAE and Armenia in several sectors, which will positively affect the two nations. These sectors include healthcare, pharmaceutical manufacturing, real estate development, infrastructure and logistics, telecommunications, and agriculture and others.
Ambassador Dr Al Mulla affirmed the Embassy’s keenness to facilitate economic and trade links and provide all necessary assistance to companies and businesspeople, to diversify current partnerships and to assist emerging businesses to expand in sectors of common interest, including trade, technology, agriculture, food security, tourism & travel, renewables, transport, as well as other new economic sectors, especially technological industries, space, and the circular economy.
Ambassador Dr. Al Mulla also called for businesses to benefit from the advantages and incentives provided by the national economy to achieve further growth and expansion in the markets of the UAE and the Middle East and Africa. The Ambassador reiterated the importance of the COP28 climate conference, which will be hosted in the UAE at Expo City Dubai this November to enhance global climate action, and welcomed Armenia’s participation in this key international conference.
Furthermore, non-oil trade volume between the UAE and Armenia reached approximately US$1.53 billion in 2022, with a growth rate of 673 percent compared to 2021. The total UAE non-oil exports to Armenia amounted to almost $229 million in 2022, with a growth rate of 245 percent compared to 2021.
The total re-exports from the UAE to the Armenian markets reached approximately $747 million in 2022, with a growth rate of 678 percent compared to 2021. The UAE is the top trading partner for Armenia in the GCC in 2021, accounting for 90 per cent of Armenia’s total trade with GCC countries.
In terms of investments, the value of Armenian investments in the UAE reached $32 million by early 2021. Furthermore, UAE investments in Armenia exceeded $35 million in 2021 in sectors such as agriculture and food security, real estate, and others.
