Armenia, UAE sign 3 memorandums of understanding

ArmInfo.An Armenian-Emirati business forum was held in Yerevan today, within the  framework of which the parties signed 3 memorandums of understanding.

In particular, the first memorandum was signed by the Armenia's  National Investment Promotion Agency (<Enterprise Armenia >) and the  Federation of Chambers of Commerce and Industry of the United Arab  Emirates (UAE), the second memorandum was signed by the Federation  with the Chamber of Commerce and Industry of Armenia, and the third  memorandum marked the beginning of cooperation between the Armenian  Young Women's Association (AYWA)  and the Dubai Business Women  Council (DBWC).

In total, over 200 Armenian and Emirati companies took part in the  forum. According to the UAE Ambassador to Armenia Dr. Nariman  Mohammed Sharif Abdulla AlMulla, such indicators indicate the high  interest of the parties in developing relations. "We expect that as a  result of the forum, new connections will be established, new  agreements will be signed, and we will receive tangible results," the  Ambassador said.

Turing the forum, the investment environment of Armenia, business  opportunities, as well as success stories of Emirati companies  operating in Armenia were presented. Then investment-oriented B2B  meetings took place, during which Armenian companies presented their  plans to UAE investors. These meetings were followed by B2B  discussions in the areas of export and trade.

According to the RA Statistics Committee data, foreign trade turnover  between Armenia and the UAE in January-July 2023 increased 2.9-fold,  amounting to $545.9 million. At the same time, exports increased  3.2-fold to $514.5 million, with imports growing by 4.6% to $31.4  million.