Armenia, Russia Agree to Create Joint Portfolio of Investment Programs

• 04.12.2022, 14:45
•  World,  Armenia

Armenia’s Minister of Economy Vahan Kerobyan and his deputy Narek Teryan are in Russia since April 10 on a three-day visit. During the visit the Armenian delegation was hosted by Russia’s Deputy Minister of Economic Development Dmitry Volvach, the Armenian ministry said in a news release.

"Depending on the location and targeted direction, foreign investors could register a company and conduct an effective activity in Armenia in the fields of energy, light and heavy industry, pharmaceutics, telecommunication, jewelry or diamond production, logistics and transport, as well as IT", the minister said.

The Russian deputy minister of economic development said the trade turnover between Armenia and Russia in 2021 increased by almost 13% and has reached 2,6 billion dollars, whereas the mutual trade only in January 2022 has increased by 50% compared to the same period of the previous year.  

He also said that there are more than 40 large Russian companies operating in Armenia. Russia has invested around 2 billion dollars in the real sector of Armenia’s economy.

For the development of commercial partnership, the Russian side made effective proposals for the development of transport, energy, social infrastructure, implementation of prospective investment programs in Armenia.

The inter-regional cooperation was also touched upon during the meeting. Today Armenia maintains relations with more than 70 regions of Russia. Moreover, it is planned to organize works to select inter-regional cooperation projects and assist their implementation.

The activities being implemented within the Eurasian Economic Union were also discussed. At the moment the focus is on the macro-economic situation and the sustainable development of the economies of the Union’s member states.