On September 10, Armenia's Deputy Minister of Economy, Narek Teryan, held a meeting with Abdullah Ahmed Bala, Assistant Minister of Foreign Affairs of the UAE for Energy and Sustainable Development.
According to the press service of Armenia’s Ministry of Economy, the main topic of discussion was the potential to increase the volume of trade between the two countries and the possibilities for cooperation between the business communities of Armenia and the UAE.
The meeting highlighted the positive trend of increased investment by Emirati companies in Armenia’s economy in recent years. Both parties exchanged views on the development of economic ties and the implementation of investment projects across various sectors.
The discussions also touched on issues of food security and plans by the UAE’s "Masdar" company to build a solar power plant in Armenia.
Earlier, BMG reported that over the past year, Armenia’s trade and economic relations with the UAE had significantly strengthened, with the Emirates becoming Armenia’s second-largest foreign trade partner after Russia.
According to a report by the Statistical Committee of Armenia, in the period from January to July of this year, trade turnover between Armenia and the UAE grew almost 7.3 times compared to the same period last year, reaching approximately $4 billion. This surge in trade, as per the Statistical Committee, is primarily attributed to the sharp increase in Armenian exports to the UAE.
Experts and international financial institutions believe that this growth is largely driven by the re-export of gold and precious jewelry from Armenia to the UAE, particularly the re-export of Russian gold through Armenia to the Emirates. The export volume of gold and precious jewelry accounted for 72.3% of Armenia’s total exports.
