Armenia, UAE explore new horizons for cooperation

H. H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras al-Khaimah received today at Al Dhait Palace, Armen Gevorgyan, Vice Prime Minister of the Republic of Armenia and Minister of Territorial Administration.

Sheikh Saud stressed UAE’s keenness to boost bilateral relations and enhance cooperation with Armenia in all fields for the benefit of the two friendly countries as well as developing economic, investment and trade ties.

During the meeting, the two sides discussed the existing relations between the two countries in all domains and ways of developing them, including joint investment and exchange of expertise.

For his part, the Armenian Vice Prime Minister hailed the cultural renaissance witnessed by UAE in general and Ras al-Khaimah in particular in all fields, affirming that the existing relations between the two countries will witness more development in a number of investment partnerships and other fields through encouraging business sector in both countries to establish joint projects.

He also pointed at the investment opportunities and facilities that the Armenian government provides for Emirati investors as well as the plans for the economic development in the coming stage.

Sheikh Saud received an invitation to visit Armenia and the date of the visit will be announced later.

Armen Gevorgyan had a meeting with Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade. The parties discussed the strengthening of economic and investment relations between the UAE and Armenia and promoting joint investments in various fields.

The meeting also centered on the need to explore new horizons for investors from both the UAE and Armenia in order to better utilize the strong bilateral relations and signed economic agreements the two countries enjoy.

During the meeting, Sheikha Lubna said that the UAE is witnessing rapid growth in various fields, which is in turn having its positive impact on the country’s trade exchange, placing it at unprecedented positions in trade and investment indices, which is in line, she added, with the government strategies and goals that that were put in place to strengthen the UAE’s standing in the global trade map.

Sheikha Lubna invited Armenian companies to invest in the UAE and benefit from its available opportunities, especially with regards to making it their entry point into many neighboring regional markets, adding that the UAE is geographically and strategically well positioned as a transit trade hub between east and west and that it has flexible investment and economic legislations and excellent incentives and advantages such as its modern infrastructure, high consumption and income rates, advanced logistical support and the presence of a sophisticated and wide spanning air, land and maritime network that adopts the best global standards.

For his part, Gevorgyan emphasized the importance of the UAE market for Armenian companies, expressing his hope for strengthening and expanding Armenia’s commercial and investment ties with the UAE, in light of the advanced standing enjoyed by the UAE and its unique developmental approach and philosophy, adding that his government looks forward to welcoming UAE investors to invest in Armenia’s sectors that are witnessing rapid growth, especially that the consumption rate there is witnessing exponential growth.

Trade between the UAE andArmenia has witnessed noticeable growth over the past two years, increasing by 6 percent from 2010 to 2011, with the UAE contributing 97 percent of the two country’s bilateral trade during that period.

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