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 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.
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
For his part, the Armenian Minister of Economy said that the
UAE-Armenia trade exchange reached over US$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 $870 million, three-fold its value last year, while
investments grew by 20 percent 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.