Armenia, Russia agree to create portfolio for investment projects

PanARMENIAN.Net - Armenia and Russia have agreed to create a joint portfolio for investment projects, according to a statement from the former's Ministry of Economy.

The matter was discussed at a meeting between Armenian Minister of Economy Vahan Kerobyan and Deputy Minister Narek Teryan and Deputy Minister of Economic Development of Russia Dmitry Volvach on Monday, April 11.

Kerobyan noted that Armenia, given its successful practice of improving the business environment in the country, is interested in deepening and expanding cooperation with Russia in the field of industry, trade and mutual investment.

“Foreign investors can register a company and conduct operations in the energy sector, light and heavy industry, pharmaceuticals, telecommunications, jewelry and diamond production, logistics and transport, as well as in the field of IT,” the Armenian minister said.

Volvach noted that trade turnover between Armenia and Russia in 2021 increased by almost 13% and reached $2.6 billion. In January 2022 alone, he said, mutual trade increased by 50% year on year. He added that more than 40 large Russian companies operate in Armenia.

For the further development of trade and economic cooperation, Volvach proposed solutions for the development of transport, energy, social infrastructures and the implementation of promising investment programs in Armenia.

According to him, the signing of a program of intergovernmental economic cooperation for 2022-2025 and the development of an action plan covering promising areas of interaction could serve as an important tool for achieving said objectives.