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UAE invested $25 million in Armenia

Staff Writer | August 1, 2016
The United Arab Emirates invested $25 million in different segments of Armenia's economy in 2015.
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Garegim Melkonyan, Armenia's deputy economy minister, said that after he met with a UAE delegation headed by UAE Deputy Finance Minister Younis Haji Al Khoori.

After the meeting the two countries' deputy ministers signed an agreement on mutual promotion and protection of investments.

Melkonyan said that a similar agreement was signed between the two states also in 2002.

"Our exports significantly grew in Jan-May 2016," he said. "Over the first five months of this year, we have sent to the United Arab Emirates commodities worth $13.5 million against the $3 million exported over the same period a year earlier."

The growth was mostly due to the increase in the volumes of diamonds, jewelry and cigarettes Armenia exported to the United Arab Emirates.

The parties still think that there is room for building up trade turnover between the countries.

Armenia's processing industry, greenhouse farming, agriculture and jewelry industry were pointed out as likely areas of UAE investors' interest.

According to the Armenian economy ministry trade turnover between Armenia and the United Arab Emirates amounted to $54.7 million in 2015. It amounted to $16 million in Jan-May 2016 against $30 million of the same period of the previous year.