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Time in Yerevan: 11:07,   28 March 2024

Armenia-UAE trade turnover grows, investors eye new & profitable sectors of Armenia’s economy

Armenia-UAE trade turnover grows, investors eye new & profitable sectors of Armenia’s economy

ABU DHABI, MARCH 22, ARMENPRESS. A significant growth is seen in the volume of trade turnover between the United Arab Emirates and Armenia. The total trade volume between the states, including free zones, comprised 102 million USD in 2015, whereas in the first 9 months of 2016 the indicator reached 88,3 million, UAE minister of economy Sultan Bin Saeed Al Mansoori said at the Armenia-UAE investment forum in Abu Dhabi.

The opening ceremony of the forum was also attended by President of Armenia Serzh Sargsyan.

Sultan Bin Saeed Al Mansoori said the growth of trade turnover volumes is proof of expansion of economic partnership between the two states.

“Nevertheless we think this indicators do not comply with the level of political relations, don’t reflect the potential and achievable opportunities and cannot satisfy the aspirations of the peoples and leaderships of the two states”, the UAE minister said.

According to him, in the reality of international economy full of challenges the Emirates were the first oil producing country in the world to highlight the diversification of the economic and began to work on diversifying its economic foundation and development of stable sectors of the economy, instead of focusing on oil exports as source of income. By this, the UAE reached its non oil sector share to almost 70% of its GDP.

“The government of UAE intends to provide favorable environment for economic activity, exercising laws which boost economic growth and continuously striving for improvement of the investment environment, working in the direction of developing the more stable sectors of the economy. Through this strategy the Emirates succeeded in having leading positions as both the second largest Arab state economy and a regional and international investment, finance, tourism and logistics center”, Sultan Bin Saeed Al Mansoori said.

He invited Armenian businessmen to benefit from wide incentives of development, stressing SMEs, industry, tourism, financial programs, real estate, construction, trade as most important sectors of investments.

“As we stress that the Armenian investors will be welcomed in the Emirates and will enjoy full assistance and cooperation for achieving success, we continue to support Emirati companies, which are willing to depart to the new, active and profitable sectors of Armenia’s economy, being confident that they will find the tools necessary for economic activity and expanding investments in a friendly country”, he said.

The UAE minister welcomed President Sargsyan and said it is a great honor to be present at this innovative forum, which is an important platform in the development of economic ties between Armenia and the UAE.

On the occasion of sponsoring the event, he thanked Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Mohammed bin Zayed bin Sultan Al-Nahyan, who has the honor of hosting President Sargsyan.

“The presence of the two sides and worthy sponsorship are proof of the friendly bilateral Armenia-UAE relations and reflect the joint desire of the two leaders’ on raising the level of those relations to a new level”, the minister added.

According to him, since the establishment of Armenia-UAE diplomatic ties, 1998 June, the bilateral relations underwent significant growth and progress, being based on mutual respect.

“On the path of development our relations had several key points, a more significant one being the 2016 visit of President Sargsyan to UAE and the private conversations held during the visit, where issues of economic development and strengthening bilateral relations in the investment sector and expanding trade exchanges were discussed”, he said.

 

 

 








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