March 5, 2019 - 10:48 AMT
PanARMENIAN.Net - Armenia has to allocate a large portion of its scarce resources to maintain peace in South Caucasus, Prime Minister Nikol Pashinyan said in his address to the Foreign Affairs Committee of the European Parliament on Monday, March 4.
According to Pashinyan, geopolitical and security risks that continue to mar the South Caucasus are among the challenges that the country is facing today. He said they seriously undermine Armenia's reform potential.
The Nagorno Karabakh conflict, he said, and the existing tension in the region create political risks which significantly affect the investment attractiveness of the country and the region as a whole.
"Arms race unleashed by our opponents poses additional difficulties for the region of South Caucasus. Today, Armenia has to allocate a large portion of its scarce resources to maintain the peace in the region. It is Armenia which actually bears the economic burden of keeping the existing balance and preventing another outburst of hostilities," the PM said.
"Closed borders and the continuing transport blockade, imposed on our country since early 1990s, sharply reduces the possibilities of diversifying our economy.
"And finally, the sanctions against Iran are also having negative consequences on our economy reducing the availability of one of two corridors connecting Armenia to the rest of the world."