YEREVAN, SEPTEMBER 18, ARMENPRESS. Over 100 companies from the United Arab Emirates and more than 200 companies from Armenia participated in the Armenia-UAE Business Forum in Yerevan organized by Enterprise Armenia, the UAE Embassy in Armenia and the UAE Federation of the Chambers of Commerce and Industry.

Photos by Mkhitar Khachatryan

“Last year, trade turnover between Armenia and the UAE surpassed 1 billion dollars, as a result the UAE has become one of the three main trade partners of Amenia, after Russia and China,” Minister of Economy Vahan Kerobyan said at the event. “With the results of this year’s seven months, the trade turnover comprised 870 million dollars, which is three times more than in the previous year’s same period. The volume of investments grew rapidly, it grew 20% in the first half of the year, and by yearend the investments-GDP ratio of 2021 and 2022 will be surpassed. Our economic relations with the UAE are multilayered, in financial, commercial, investment, real estate, healthcare, tourism and culture sectors,” Kerobyan said. He lauded the visa-free regime between the two countries signed during FM Ararat Mirzoyan’s visit to the UAE.

Kerobyan said that Armenia and the UAE are interested in developing the economic opportunities to the maximum.

Soon Armenia and UAE will sign a food safety agreement enabling a broader representation of Armenian products in the Emirati market.

UAE Ambassador to the Republic of Armenia Dr. Nariman Al Mulla also delivered remarks. She said that Armenia and UAE have created prerequisites for strong ties and mutually beneficial cooperation. The Ambassador said that the UAE recorded progress in nearly all branches of the economy.

“Armenia has its specific sides, there is skilled workforce here, developed technologies are in place, ensuring cybersecurity and promoting AI. Your country has a rich cultural heritage. The government of the UAE has created prerequisites for mutually beneficial cooperation with Armenia, because it is an attractive partner for us. It’s no exaggeration to state that bilateral relations can reach the maximum level of development, thus 2023 is very important for us,” the ambassador said.

Three MoUs were signed during the event.