Armenia and UAE discuss development of trade and economic relations

YEREVAN, February 21. /ARКА/. During his visit to the UAE, Armenian Economy Minister Gevorg Papoyan discussed the development of trade and economic relations between the two countries with Sheikh Saud bin Saqr al-Qasimi, a member of the Supreme Council and Mayor of Ras al-Khaimah.

The meeting also covered the specifics of Armenia's investment environment and the Agreement on Services, Trade, and Investments between Armenia and the UAE, which is aimed at promoting the development of economic relations, according to the press service of the Armenian Ministry of Economy.

Papoyan highly praised the dynamic development of relations between the two countries and noted the significant potential for further expansion.

During the meeting, the Minister presented Armenia's Free Economic Zones (FEZs) and the opportunities they offer to UAE companies. The UAE's Masdar project, which involves investments in the renewable energy sector, was also discussed.

The parties also discussed prospects for cooperation in tourism, the possibility of signing a bilateral agreement in the near future, as well as expanding the export of Armenian agro-food products and increasing their presence in the UAE market.

According to Armstat, Armenia's foreign trade turnover with the UAE in 2024 amounted to $5,337,301.3 thousand, a 2.3-fold increase compared to 2023. Meanwhile, exports to the UAE amounted to $5,254,941.5 thousand, a 2.4-fold increase, while imports from the UAE as an exporting country reached $446,841.9 thousand, showing a decline of 28.1%.