Under the high patronage of Serzh Sargsyan, President of the Republic of Armenia, and the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces His Highness Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan, on March 22, 2017, the Development Foundation of Armenia and the Abu Dhabi Chamber of Commerce organized the UAE – Armenia Investment Forum 2017 at Emirates Palace, Abu Dhabi, UAE.
The agreement to hold the conference was reached during the RA President’s official visit to the UAE at the end of last year. The event serves to promote economic ties between Armenia and the United Arab Emirates, to provide a forum for government officials and business executives to present their vision regarding the growth of trade and investment between the two nations, and to discuss a number of investment opportunities in Armenia. President Serzh Sargsyan attended the Investment Forum. The forum brought together around three hundred participants including governmental officials, heads of international organizations and institutional funds, top executives from multinational corporations, as well as representatives of companies with foreign investments established in Armenia.
The agenda includes presentations on agriculture and animal husbandry, energy, healthcare and pharmaceuticals, IT & Engineering, tourism and real estate, success stories of foreign companies operating in Armenia, as well as a number of investment projects. Forum participants also have the opportunity to learn about Expo 2020 Dubai and the activities of the Armenian-Emirati Businessmen Association.
In relation to opportunities for doing business in Armenia, many presenters refer to the country’s ability to offer Middle Eastern investors access to the markets of Eurasian Economic Union and European Union through Armenia, “The Government of Armenia has adopted an accelerated program of reforms aimed at creating a highly favorable climate for foreign direct investment. Further efforts to build a highly transparent, efficient and stable business environment, legal and regulatory frameworks, and a streamlined investment facilitation regime stand high on the agenda of the Government. The UAE and other Arab countries will find highly skilled and inexpensive human capital, a liberal and open economy, and access to major regional markets through Armenia,” as noted in the presentation by the CEO of the Development Foundation of Armenia, Garen Mikirditsian.
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Within the framework of the forum, potential investors, project owners and business executives from both Armenia and the UAE will hold B2B meetings aimed at developing further economic cooperation between Armenia and Arab countries.
Memorandum on Investments of USD 100 Million Signed
A Memorandum Of Understanding was signed between the RA Ministry of Energy Infrastructures and Natural Resources and Ocean Holding LLC. This cooperation will work toward developing the renewable energy sector in Armenia and will provide Ocean Holding an opportunity to make investments in solar energy projects.
Starting this year, Ocean Holding intends to invest 100 million USD in solar photovoltaic power plants in Armenia and operate them using the most bespoke technology available to the sector. In return, the Ministry aims to create favourable conditions for Ocean Holding. The investments will be carried out in several phases.
