Armenia, UAE discuss possibilities of increasing mutual trade volumes

ArmInfo. Minister of Economy of Armenia Gevorg Papoyan received Ambassador of the United Arab  Emirates to the Republic of Armenia, Dr. Nariman Mohammed Sharif Abdulla AlMulla.

According to the press service of the Ministry of Economy, the  parties discussed the prospects for increasing the volume of trade  turnover between Armenia and the UAE, and the possibilities of  cooperation between the business communities of the two countries.

They also touched upon the possibilities of organizing international  and specialized exhibitions and business forums, which will create  new platforms for cooperation between entrepreneurs.  The importance  of the work of the joint RA-UAE intergovernmental commission for the  further development of bilateral economic relations was emphasized.

The Minister highly appreciated the active work of Emirati investors  in Armenia. According to the source, Papoyan presented the principles  of the government's "Crossroads of Peace" project to the Ambassador.

According to the RA Statistics Committee, foreign trade turnover  between Armenia and the UAE in 2023 increased 3.9-fold to $2.3  billion. In particular, exports increased 2.4-fold to $2.2 billion,  with imports growing by 24.6% to $73.5 million.

In 2023, Armenia received total foreign investments from the UAE for  104.3 billion drams or $257.6 million, with a 48-fold y-o-y sharp  increase (in dollar terms). And in the form of FDI, 100.8 billion  drams or $248.9 million came from the UAE, with a significant 66-fold  y-o-y growth. Moreover, the dominant part of investments from the UAE  is associated with financial intermediation, and only small volumes  are directed into the production of cigarettes, electrical equipment,  and retail trade, while investments in air transport have been  reduced and investments in the food industry have been completely  eliminated.