Armenia ranks third among CIS in investment in RF, Russian Transport Minister Igor Levitin said

13.10.2004, 13.56

YEREVAN, October 13 (Itar-Tass) – Armenia ranks third among CIS
countries in investments in Russia’s economy, Russian Transport
Minister Igor Levitin said.

Speaking at an international economic forum on Wednesday, Levitin said,
“At present, the improvement of trade structure and the expansion of
investment cooperation is one of priority tasks.”

Armenians of Russia.

The Russian minister recalled, “Russia invested in different fields
of Armenia’s economy, primarily in the productive and banking sectors
of the economy.”

Last year Russia’s investment in Armenia’s economy reached 68 million
U.S. dollars. From 1988 to 2003 Russia’s direct investment in Armenia
exceeded 230 million U.S. dollars.

Prime Minister Mikhail Fradkov said Russia is ready to take an active
part in investment programmes and the implementation of economic
projects in Armenia.

The prime minister’s message was read by Russian Transport Minister
Igor Levitin.

Fradkov said he is hopeful that this forum would become a catalyst
for the development of trade and economic ties between Armenia and
Russia and other countries.

He noted that the Armenian community in Russia played a significant
role in launching mutually advantageous ties in various spheres
between the two countries.

Levitin, who co-chairs the Russian-Armenian economic cooperation
commission, said the development of inter-regional relations between
the two countries was an important reserve of bilateral relations.

Commenting on Armenia’s state debt to Russia, the minister said the two
countries had found a solution to this problem last year. The handover
of companies as payment of the state debt creates preconditions for
boosting trade and economic interaction between the two states.

Russian-Armenian trade and economic cooperation is developed in
accordance with the principle of equality, while meeting each party’s
national interests and to their mutual advantage, the minister said.

Levitin noted positive examples of cooperation, including such joint
ventures as Armenal, in which the Russian Aluminium Company invested
more than 40 million dollars, the Armavia airline, in which Russia’s
Sibir holds a 70-percent sake and the Orbita plant, which is wholly
owned by Rosaviaspetskomplex.

“We have cooperation plans in the fields of power generation,
including nuclear power generation, and information technologies
where resources and experience of Russian communication operators
on Armenia’s market will be used, as well as in the sphere of space
exploration and science,” the minister said.

He said Russia’s commercial banks begin to display interest in
servicing Russian companies, which operate in Armenia, and setting
up new joint ventures.