Armenia and UAE consider opportunities for cooperation in the areas of tourism, renewable and green energy

YEREVAN, April 7. /ARKA/. Armenian Minister of Economy Gevorg Papoyan discussed with his Emirati counterpart Abdullah bin Tawk Al-Marri the possibilities of cooperation in the areas of tourism, renewable and green energy.

During the meeting, held within the framework of the Annual Investment Conference in Abu Dhabi, the sides touched upon the development of economic ties and increase in the volume of trade turnover between Armenia and the UAE, as well as the prospects of cooperation between the business communities of the two countries, the press service of the Armenian Ministry of Economy reported.

Papoyan highly assessed the close cooperation in the economic sphere with the Emirates in recent years, as a result of which the UAE is currently Armenia's largest export and import partner. The minister also pointed out that there are prerequisites for further expansion of economic cooperation.

"We consider the UAE as a key partner for deepening trade, economic and investment cooperation between Armenia and the Gulf countries. Today, we are ready to explore new spheres of cooperation and develop projects that will be mutually beneficial for both our countries," Papoyan noted.

The Minister also presented to the interlocutor the factors contributing to Armenia's economic attractiveness, the programs and investment opportunities initiated by the Government, as well as the “Crossroads of Peace” project, which can become an important component of wider economic cooperation.

According to Armstat, Armenia's trade turnover with the UAE in 2024 amounted to more than $5.3 billion (a 2.3-fold increase) compared to 2023. At the same time, Armenian exports to the UAE exceeded $5.25 billion (2.4-fold growth), while imports from the UAE as an exporting country amounted to almost $447 million (28.1% decline).-0-