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Minister: Interest In Strengthning Economic Relations On High Level

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  • Minister: Interest In Strengthning Economic Relations On High Level

    MINISTER: INTEREST IN STRENGTHNING ECONOMIC RELATIONS ON HIGH LEVEL MOVED INTO BUSINESS IN ARMENIA AND RUSSIA

    ARKA
    December 6, 2010
    YEREVAN

    YEREVAN, December 6. /ARKA/. Interest in strengthening economic
    relations on high level in moves into business Armenia and Russia,
    said Armenian Minister of Economy Nerses Yeritzyan.

    Russia continues to occupy the leading place in the list of trade
    partners of Armenia. Recently, increase of interest of Russian business
    in Armenia is significant. Creation of free economic zones "in which
    Russia actively participates" will become an incentive for business
    activation and involvement of new investments.

    "Today 40 companies of Russian Federation have trade-industrial and
    scientific-technical agreements with Armenia and its regions. The
    most active is Moscow which has more than half of Armenian-Russian
    trade turnover, Moscow, Yaroslavl, Sverdlovsk, Nizhegorodsk regions
    and Saint-Petersburg", he said.

    Armenian-Russian cooperation covers the main sectors of economy. The
    most important sectors are fuel-energy, mining and chemical
    industry, electro-technical, transport, construction, machinery and
    communication.

    "Priority sectors are IT, electronic and instrument making industries,
    jewellery production and diamond cutting, agriculture, services and
    tourism spheres", he said.

    Total volume of investments from Russia to Armenia was $191341.6
    thousand in January-October 2010, of which direct investments were
    $148176.7 thousand.

    They make 40.5% of total foreign investments in real sector of Armenia
    and 42.5% - direct investments. In 2010 investments of Russia reduced
    by 0.3% compared with 2009 and direct investments increased by 21.3%.

    Currently, about 1200 enterprises are operating in Armenia with
    participation of Russian capital.




    From: A. Papazian
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