The UAE has succeeded in diversifying its sources of income despite being one of the world's top oil exporters and is now in a position of economic strength, according to the Minister of Foreign Trade.
Speaking at an audience with the Armenian President Serzh Sargsian in Yerevan Sheikha Lubna Al Qasimi, Minister of Foreign Trade, said the UAE has very ambitious future development projects, including in the field of renewable energy, such as the initiative by the Abu Dhabi Future Energy Company to build the carbon-free Masdar City.
Sheikha Lubna is leading a UAE trade and economic delegation on a visit to countries in Eastern Europe and Central Asia, including Russia and Armenia.
She said the UAE supports the setting up of an international body to monitor the production of renewable energy and asked for Armenian support in locating the body's headquarters in Abu Dhabi.
Sheikha Lubna said the UAE has become a major centre for foreign investment and encouraged the private sector in Armenia to invest and set up joint-venture projects in the country. She said the UAE is interested in developing economic co-operation with Armenia.
President Sargsian said Armenia is keen to develop relations with the UAE, especially in trade and economics. He said the private sector in both countries should benefit from the economic reforms underway in the UAE and Armenia to consolidate bilateral relations and develop joint investments. The Armenian president praised the economic progress of the UAE as well as the wise policy pursued by the country's leadership. He stressed the need to boost co-operation between the two countries and between their businessmen and investors, especially in the fields of energy, tourism, technology and healthcare.