UAE, Armenia Ink 4 MoUs To Advance Investment Opportunities
The UAE-Armenia Business Forum was inaugurated in Yerevan by Abdullah Mohamed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) and Chairman of the Abu Dhabi Chamber of Commerce and Industry, and Vahan Kerobyan, Armenia's Minister of Economy. Four Memorandums of Understanding (MoUs) were signed at the summit, three involving the business groups in both nations and one to form a UAE-Armenia Business Council For Investment Opportunities.
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, as per ANI.
In his keynote address, Al Mazrouei encouraged businesses in both countries to take advantage of the opportunities and facilities offered by both, noting that the signing of Memorandums of Understanding 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.
As per the Armenian Minister of Economy, commerce between the UAE and Armenia has exceeded USD 1 billion, making the UAE one of Armenia's top three trading partners, alongside Russia and China.
In the first seven months of 2023, trade between our countries was valued at USD 870 million, more than double its value from the previous year, he noted, praising the UAE's decision to abolish pre-entry visas between the UAE and Armenia.