The UAE-Armenia Business Forum was recently launched in Yerevan. During the event, four Memorandums of Understanding (MoUs) were signed, with three of them being agreed upon by the business communities of both nations. The fourth MoU was aimed at establishing the UAE-Armenia Business Council.
The event was organized by the FCCI, the UAE Embassy in Yerevan, and Enterprise Armenia. It was attended by a UAE trade delegation and over 200 representatives from Armenian companies.
Abdullah Mohamed Al Mazrouei, who serves as the chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) and also chairs the Abu Dhabi Chamber of Commerce and Industry, delivered the keynote speech.
Al Mazrouei’s Encouragement for Cross-Border Business
Al Mazrouei encouraged businesses in both countries to capitalize on the opportunities and resources provided by their respective nations.
He emphasized that the MoUs’ signing would facilitate new investment possibilities and strengthen the partnership for the mutual benefit of both countries, as reported by the state news agency, WAM.
Trade between the UAE and Armenia has seen substantial growth. Vahan Kerobyan, the Minister of Economy for Armenia, noted that the trade volume between the two nations exceeded $1B, with the UAE ranking among Armenia’s top three trade partners, alongside Russia and China.
In the first seven months of the year, trade between the two countries reached $870M, a three-fold increase compared to the previous year, and investments in the first half of 2023 grew by 20 percent. Minister Kerobyan also commended the UAE’s decision to waive pre-entry visas for citizens of both nations.
During their visit, the UAE trade delegation held discussions with key Armenian ministers to explore opportunities for enhancing trade and investment cooperation, according to Gulf Business.
Both sides emphasized the importance of sustained collaboration and a commitment to building a prosperous economic relationship for the future.
