Iranian Trade and Investment Agency to open its branch in Armenia

October 15, 2010 - 15:59 AMT

PanARMENIAN.Net - Investors Servicing Director of the Armenian Development Agency Valery Shabanov said that the Armenian-Iranian business forum will serve as a new impetus for boosting the bilateral relations.

An Iranian delegation of 22 companies dealing with various fields arrived in Yerevan to participate in the forum. The delegation includes representatives of the industrial field, who will meet with representatives of Armenian companies, as well as the RA Ministries of Energy, Agriculture, Transport and Communication, Urban Development, Economy, Armenian Chamber of Commerce and Industry and Armenian Development Agency (ADA).

Currently Iran is the second after Russia (1000 companies) by the number of enterprises with Iranian capital (818 companies) in Armenia, Shabanov said in his opening remarks. “There are favorable conditions in our country for unhindered inflow of Iranian investments, as the Armenian authorities pursue a free economic policy with liberal laws,” he said. He noted that the Armenian Diaspora of Iran also contributes to the development of bilateral relations.

Referring to expansion of trade and economic ties, Valery Shabanov noted that there is a great potential, which needs to be facilitated. The trade turnover between Armenia and Iran amounted to USD 153mln in 2009, out of which 134mln makes the share of import, while USD 19mln – export. Aluminum, iron, steel, organic and non-organic components were exported from Armenia to Iran. While plastics, items made of it, glass, etc were imported from Iran to Armenia.

Representative of the Iranian Trade and Investment Agency, Director of ENN simplex Seyed Babaei noted that the visit of the Iranian delegation is aimed not only at promoting Iranian products in the Armenian market, but also at briefing Armenian entrepreneurs on Iranian investments.

According to Babaei, he arrived in Yerevan to secure implementation of agreements reached earlier, as the Armenian side had complained of non-fulfillment of obligations shouldered by the Iranian side.

He added that Armenia with its big investment potential can become a trade-economic bridge that unites neighboring countries, specifically, Russia and Georgia. Seyed Babaei stressed that there are favorable conditions in Armenia for business, due to which the Iranian Trade and Investment Agency is going to establish its branch here.