UAE, Armenia sign 4 MoUs during joint business forum

Abdullah Mohamed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) and Chairman of Abu Dhabi Chamber of Commerce and Industry, and Vahan Kerobyan, Armenia's Minister of Economy, have inaugurated the UAE-Armenia Business Forum in the Armenian capital, Yerevan.

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 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 USD 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 USD 870 million, three-fold its value last year, while investments grew by 20 per cent 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.