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UAE-Armenian Business Forum opened in Yerevan

YEREVAN - The UAE- Armenia business forum was opened today in Yerevan by UAE Minister of Foreign Trade Sheikha Lubna Al Qassimi and Armenian Prime Minister Tigran Sargsyan in presence of senior officials and business leaders from both countries.

In a speech at the opening ceremony, Sheikha Lubna said the last few months saw significant growth in trade exchange and cooperation with Armenia, more exchange of official visits as well as the signing of a number of agreements.

‘There are many common areas with potentials for increased trade exchange and joint investments,’ Sheikha Lubna noted.

‘The time is ripe for moving the relations into new venues as both countries have a chance for strengthening their roles in the global economy in the post-recovery era,’ she further said.

‘For the first time, non-oil sectors accounted for 71% of the UAE’s GDP, up from 63% in 2008, a surge which reflects the UAE’s economic strategy for expansion into new sectors such as manufacturing, alternative energy, technology and tourism,’ according to Sheikha Lubna who noted that alternative energy in particular is among the UAE’s major targeted sources for sustainable and clean energy.

Stressing that the UAE is now the Middle East’s first commercial hub and among the world’s 16^th top exporter and also the region’s top destination for FDI, the Minister urged Armenian businesses and investors to set boost their investments in the UAE and enter into joint projects with UAE counterparts.

For his part, Sargsyan welcomed UAE investments to Armenia and stressed his government’s preparedness to provide all facilities and incentives for UAE companies.

The opening of the forum was followed by a presentation by the Armenian Minister of Economy on his country’s investment potentials.

Some UAE economic officials also gave presentations on investment potentials in the UAE.