H.E. Bin Touq holds meeting with his Armenian counterpart to discuss strengthening of trade & economic cooperation

Non-oil trade exchange between the two countries totaled USD 1.53 billion in 2022

H.E. Abdulla bin Touq, Minister of Economy, held a meeting with H.E. Vahan Kerobyan, Armenian Minister of Economy, to discuss the strengthening of trade and economic ties between the two countries. The meeting took place on the sidelines of the World Government Summit 2023 in Dubai.

During the meeting, H.E. Bin Touq said that the economic relations between the UAE and Armenia continue to grow thanks to the support of both countries’ leaderships. He noted that both countries are equally committed to enhancing the efforts to maximize opportunities for the benefit of their private sectors.

H.E. added: “We are keen to establish strong economic and trade relations with Armenia, diversify the existing partnerships, and facilitate the expansion of startups in sectors of mutual interest. These include the fields of agriculture, food security, tourism and travel, renewable energy, transportation and other new economy sectors such as technology, space, and circular economy.”

Both parties agreed on the need to support efforts to bolster cooperation in fields of shared interest; encourage their business communities to explore growth opportunities in both markets; and establish joint projects that drive sustainable development while also enhancing the welfare of their people.

H.E. Bin Touq briefed his Armenian counterpart on the most notable developments in the UAE economy, which have made the country an ideal global destination for business and investments. These developments align with the UAE’s wise leadership’s vision in light of the ‘Project of the 50’ and the objectives of the UAE Centennial 2071. The most prominent changes witnessed by the economy are the granting of 100 per cent foreign ownership; enhanced intellectual property protection; and the launch of an ambitious strategy to attract and retain talent in all sectors to reinforce the UAE’s status as a dynamic hub for creativity and innovation.

Furthermore, H.E. invited Armenian companies to take advantage of the benefits and incentives offered by the UAE economy to achieve growth and expansion in the UAE and other MENA markets. He further highlighted the Investopia summit, which aims to shape the future of investments; and the comprehensive economic partnership agreements (CEPA), under which, the UAE has signed three partnerships so far with India, Israel, and Indonesia. Negotiations with more target markets are currently progressing.

The non-oil trade between the UAE and Armenia amounted to nearly USD 1.53 billion in 2022 with a 673 per cent growth compared to 2021. The UAE’s non-oil exports to Armenia totaled USD 229 million in 2022, with a growth rate of 245 per cent compared to 2021.

The UAE’s re-exports to Armenian markets reached nearly USD 747 million in 2022, with a 678 per cent YoY growth. In addition, the UAE is Armenia’s number one GCC trade partner as of 2021 as it accounted for 90 per cent of Armenia’s total trade with the bloc. The UAE also ranked second among Armenia’s Arab trade partners in 2021.

As for investments, total Armenian FDI in the UAE reached USD 32 million by the beginning of 2021, while the UAE’s investments in Armenia exceeded USD 35 million in 2021, mostly in agriculture, food security and real estate sectors.

The World Government Summit is a leading platform dedicated to shaping the future of governments. Since its launch in 2013, the Summit has made significant strides in coordinating the efforts to enhance joint government action to find solutions for future challenges through establishing effective partnerships.

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