Yerevan [Armenia], July 1: UAE Ambassador to the Republic of Armenia Dr.Nariman Al Mulla has highlighted the strong relations between the two countries, which are witnessing a new historical era, underscoring the keenness of both countries to enhance their historical cooperation for the benefit of both countries and peoples.
Ambassador Dr. Al Mulla said on the 25th anniversary of the establishment of diplomatic relations between the UAE and Armenia, that both countries look forward to strengthening bilateral relations, especially in the economic, commercial, and investment fields.
Dr. Al Mulla highlighted that under the directives of the leaderships of the UAE and Armenia, mutual economic partnerships are experiencing continuous growth, creating more opportunities for the business community and the private sector in the markets of both countries.
The Ambassador added that there are promising prospects between the UAE and Armenia in several sectors, which will positively affect the two nations. These sectors include healthcare, pharmaceutical manufacturing, real estate development, infrastructure and logistics, telecommunications, and agriculture and others.
Ambassador Dr. Al Mulla affirmed the Embassy's keenness to facilitate economic and trade links and provide all necessary *assistance* to companies and businesspeople, to diversify current partnerships and to assist emerging businesses to expand in sectors of common interest, including trade, technology, agriculture, food security, tourism & travel, renewables, transport, as well as other new economic sectors, especially technological industries, space, and the circular economy.
Ambassador Dr. Al Mulla also called for businesses to benefit from the advantages and incentives provided by the national economy to achieve further growth and expansion in the markets of the UAE and the Middle East and Africa.
The Ambassador reiterated the importance of the COP28 climate conference, which will be hosted in the UAE at Expo City Dubai this November to enhance global climate action, and welcomed Armenia's participation in this key international conference.
Furthermore, non-oil trade volume between the UAE and Armenia reached approximately US$1.53 billion in 2022, with a growth rate of 673 percent compared to 2021. The total UAE non-oil exports to Armenia amounted to almost US$229 million in 2022, with a growth rate of 245 percent compared to 2021.
The total re-exports from the UAE to the Armenian markets reached approximately US$747 million in 2022, with a growth rate of 678 percent compared to 2021. The UAE is the top trading partner for Armenia in the GCC in 2021, accounting for 90 percent of Armenia's total trade with GCC countries.
In terms of investments, the value of Armenian investments in the UAE reached US$32 million by early 2021. Furthermore, UAE investments in Armenia exceeded US$35 million in 2021 in sectors such as agriculture and food security, real estate, and others.
In addition, the UAE and Armenia are celebrating the 25th anniversary of establishing diplomatic relations between the two countries this year, following the signing of the relevant protocol in New York on 25th June, 1998.
The Armenian Embassy in Abu Dhabi was opened in 2000, while the UAE Embassy in Yerevan was opened in 2015. The General Consulate of Armenia in Dubai was also opened in 2017.
Bilateral relations between the UAE and Armenia have witnessed significant development in recent years, with mutual visits and meetings between officials from the two countries leading to further cooperation. In addition, the number of Emirati tourists visiting Armenia increased significantly, reaching 7,751 in 2022, after Armenia canceled the entry visa for citizens of the country, as of 22nd March, 2017.
The implementation of direct flights from Abu Dhabi, Dubai and Sharjah to Yerevan through national airlines has contributed to the strengthening of economic, cultural, tourism and people-to-people relations between the two countries. UAE investments in Armenia have increased significantly in the past two years, including the UAE's Masdar launching a major investment project in 2021 in cooperation with the Armenian National Interests Fund "ANIF" with the aim of building a solar power plant with a capacity of 200 megawatts in the province of Aragatsotn, as well as the establishment of the Armenian national airline Fly Arna through cooperation between Air Arabia and the Armenian National Interests Fund.
Moreover, more than 30 cooperation agreements were signed between the UAE and Armenia in the fields of investment, the elimination of double taxation, and in the sectors of trade, economy, legal assistance, culture, education, science, health care, agriculture, tourism, and cooperation in air communications, customs, security, and other fields.
Source: Emirates News Agency