ECONOMIC INTEREST OF RUSSIA

A1 Plus
13-10-2004

WHEN SAYING THE ECONOMIC INTEREST OF ARMENIA, SUPPOSING THE The
recent days in Armenia can be called as the days of Russia in
Armenia. Numerous officials of Russia are now in Armenia and hold
meetings. Russian Transport Minister Igor Levitin has today partaken
in opening of Armenian International Economic Forum.

It was stated during the arrangement that in 2004 the Armenian-Russian
trade turnover increased by 34,5 in comparison with 2003 and crossed
the limit of $ 200 million. As a rule the Russian investments were
directed to production and bank spheres of Armenia.

The Russian side considers establishment of “Armenal” joint venture
in 2000 and allocation of 70% of “Armavia” Company stocks to “Siberia”
Airlines as profitable investment.

Russia stresses with pleasure “Property for Debt” program, through
which some Armenian enterprises were handed to the Russian part.

Igor Levitin, Russian Transport Minister and Chairman of
Inter-parliamentary Commission for Armenian-Russian Economic
Cooperation, assures the private banks of Russia show interest in
supporting the Russian enterprises set up in the territory of Armenia
and establishment of new joint ventures.