Wednesday, November 8 2023 13:47

ArmInfo. RA Prime Minister Nikol Pashinyan received Ahmed bin Ali Al Sayegh, Minister of State at the  United Arab Emirates Foreign Ministry responsible for trade and economic affairs.

According to the Prime Minister's press service, Pashinyan emphasized  the importance of taking joint steps to develop and expand bilateral  trade and economic ties. According to him, bilateral cooperation has  been developing dynamically recently. The Prime Minister expressed  confidence that the visit of the Minister of State will give new  impetus to the strengthening of Armenia-UAE ties.

Ahmed bin Ali Al Sayegh noted that he held fruitful discussions with  partners of the RA government, directions and possible projects for  expanding cooperation were outlined.

The meeting discussed relations between the two countries, as well as  other issues of mutual interest.

At a hearing of the draft budget in Parliament on November 3,  Armenian Minister of Economy Vahan Kerobyan said that the UAE is the  largest investor of foreign direct investment (FDI) in the real  sector of the Armenian economy. 

According to the RA Statistics Committee data, the net inflow of   investments into the Armenian economy from the UAE in H1 2023 reached   $268 million, of which 98% accounted for FDI ($262 million). Both   indicators increased impressively on a y-o-y terms - 52-56-fold. In   particular, almost all of the UAE's investments were directed to the   mining of metal ore, and the rest to the production of cigarettes,   meanwhile  the UAE has not previously made investments in both   segments. At the same time, investments in the production of   electrical equipment and retail trade were intensified. At the same   time, the UAE reduced investments in aviation, and investments in   food production were completely nullified.

According to the same statistical data, over 9 months, Armenia  increased foreign trade with the UAE 2.3- fold. In particular, the  volume of foreign trade turnover between Armenia and the UAE for  Jan-Sept 2023 amounted to $726.3 million, with 2.3-fold continued  high y-o-y growth, thanks to the continued impressive growth of  exports. Thus, the volume of exports of Armenian goods to the UAE  increased 2.4-fold y-o-y up to $665.5 million (2nd place), and the  volume of imports - by 56.6% to $60.8 million, which, in comparison  with last year's pace, indicates some slowdown in exports (from  4.7-fold) and acceleration in imports (from 41.9%). The UAE's share  in Armenia's foreign trade turnover increased over the year from 3.4%  to 5.3%, due to a sharp increase in the share in exports from 7.9% to  13% while maintaining the share in imports at 0.7%.