UAE becomes largest foreign investor in Armenia's economy in 2023, leaving Russia behind- Kerobyan

YEREVAN, January 23. /ARKA/. The United Arab Emirates (UAE) was the largest source of foreign investment for Armenia in 2023, Economy Minister Vahan Kerobyan said.
"This change has happened for the first time as traditionally Russia was the largest foreign investor in our country... The work we have done with the UAE in recent years is proving to be very effective," Kerobyan said in an interview with Armenia's Public Television.
He noted that not only UAE companies are interested in investing in Armenia, but also Armenian companies are interested in investing in the UAE.
Kerobyan emphasized the simplification of visa regime for citizens of both countries and deepening of contacts in the banking sector.
He added that work is underway with India, China and the EU to diversify investment flows.
According to Kerobyan, the volume of foreign direct investments (FDI) in Armenia in 2023 was about a quarter of the gross investment volume.
"The growth of foreign investments was greater than the growth of gross investment volume, which means that the investment-to-GDP ratio is growing, the structure of the economy is changing despite the Central Bank's restraining policy," the minister said.
Earlier, Kerobyan's deputy Narek Teryan said that the volume of investments in Armenia's economy in 2023 amounted to $1.4 billion.
According to the latest data released by the Armenian National Statistical Committee, the inflow of foreign investments in Armenia in January-September 2023 amounted to almost AMD 109.1 billion against more than AMD 94 billion in the same period of 2022.
Moreover, the inflow of foreign direct investments (FDI) in the reporting period amounted to almost 141.4 billion drams against more than 105.6 billion drams in the first 9 months of 2022.
The net inflow of UAE’s investments amounted to nearly AMD 105.25 billion in January-September last year, while direct investments amounted to over AMD 101.8 billion.
As for Russia, in the first 9 months of 2023, net inflow of investments from Russia in Armenia amounted to minus AMD 10.64 billion against almost AMD 63 billion in the same period a year earlier. ($1 - AMD 405.15). ---0--