UAE, Armenia ink MoUs at joint business forum in Yerevan

Image: WAM

The UAE-Armenia Business Forum was recently inaugurated in Yerevan.

Four MoUs were signed at the event, with three of them inked between the business communities in both countries. The fourth was to establish the UAE-Armenia Business Council.

The event was organised by the FCCI, the UAE Embassy in Yerevan and Enterprise Armenia. It was attended by a UAE trade delegation and more than 200 representatives of Armenian companies.

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, gave the keynote speech at the event.

Al Mazrouei invited businesses in both countries to build on the opportunities and facilities offered by both nations.

He said the signing of MoUs will help create new investment opportunities and forge a stronger partnership that benefits both countries, state news agency, WAM, reported.

UAE-Armenia trade growth

Vahan Kerobyan, the country’s Minister of Economy, said that trade exchange between the two countries reached over $1bn, making the UAE one of its top three trade partners, alongside Russia and China.

In the first seven months of the year, the trade exchange between the countries reached $870m, 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 nations.

The UAE trade delegation met top Armenian ministers during their visit to discuss prospects for boosting trade and investment cooperation.