Yerevan, Armenia – Non-oil trade volume between the UAE and Armenia reached $1.53 billion in 2022, with a growth rate of 673 percent compared to 2021, the UAE news agency Wam reported on Friday.
The total UAE non-oil exports to Armenia amounted to almost $229 million in 2022, with a growth rate of 245 percent compared to 2021.
Similarly, the total re-exports from the UAE to the Armenian markets reached $747 million in 2022, with a growth rate of 678 percent compared to 2021.
The UAE is the top trading partner for Armenia in the GCC in 2021, accounting for 90 percent of Armenia’s total trade with GCC countries.
In terms of investments, the value of Armenian investments in the UAE reached $32 million by early 2021.The UAE investments in Armenia exceeded $35 million in 2021 in sectors such as agriculture and food security, real estate, and others.
The two countries are celebrating the 25th anniversary of establishing diplomatic relations between the two countries this year, following the signing of the relevant protocol in New York on June 25, 1998.
The number of Emirati tourists visiting Armenia increased significantly, reaching 7,751 in 2022, after Armenia canceled the entry visa for citizens of the country, as of March 22, 2017.
The direct flights from Abu Dhabi, Dubai and Sharjah to Yerevan through national airlines has contributed to the strengthening of economic, cultural, tourism and people-to-people relations between the two countries.
UAE investments in Armenia have increased significantly in the past two years, including the UAE’s Masdar launching a major investment project in 2021 in cooperation with the Armenian National Interests Fund “ANIF” with the aim of building a solar power plant with a capacity of 200 megawatts in the province of Aragatsotn, as well as the establishment of the Armenian national airline Fly Arna through cooperation between Air Arabia and the Armenian National Interests Fund.
Moreover, more than 30 cooperation agreements were signed between the UAE and Armenia in the fields of investment, the elimination of double taxation, and in the sectors of trade, economy, legal assistance, culture, education, science, health care, agriculture, tourism, and cooperation in air communications, customs, security, and other fields.
The Armenian Embassy in Abu Dhabi was opened in 2000, while the UAE Embassy in Yerevan was opened in 2015. The General Consulate of Armenia in Dubai was also opened in 2017.