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.
