YEREVAN, ARMENIA – Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) Abdullah Mohamed Al Mazrouei and the host country’s Minister of Economy Vahan Kerobyan have together inaugurated the UAE-Armenia Business Forum here.
The forum saw the signing of four Memorandums of Understanding (MoUs); with three of them between the business communities in both the countries and one to establish a UAE-Armenia Business Council.
Organized 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.
Al Mazrouei, also the Chairman of Abu Dhabi Chamber of Commerce and Industry, invited businesses in both countries to leverage the opportunities and facilities provided by both countries.
He said that the signing of MoUs with Enterprise Armenia and the Armenian Chamber of Commerce and Industry will help create new investment opportunities.
He added that it will also forge a stronger UAE-Armenian partnership that benefits both the countries.
Vahan Kerobyan said that the UAE-Armenia trade exchange reached over US$1 billion, making the Emirates, one of Yerevan’s top three trade partners, alongside Russia and China.
In the first seven 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.
He also commended the UAE’s decision to waive pre-entry visas between the Emirates 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.
The delegation discussed prospects for boosting trade and investment cooperation and launching economy-driving projects in UAE and Armenia.