Russo-Armenian Trade Turnover Up by 34.5%

RIA OREANDA ,Russia
Economic News
October 13, 2004 Wednesday

Moscow. Today, October 13, Igor Levitin, Russias Transport Minister and
Chairman of the Intergovernmental Commission for Economic Cooperation
between Russia and Armenia, attended the ongoing Russo-Armenian
business forum, according to the Transport Ministry press service.

In his opening speech he said: Currently, the economic ties between
our countries are developing quite actively. The trade turnover
between Russia and Armenia has increased by 34.5% to exceed USD 200
million annually. Growth continues this year. In the first half of
2004 it increased by 4.2%. Relevant issues today are improving the
structure of foreign trade and expanding investment cooperation.
Russian investments in Armenia predominate in the industrial and
banking sectors of the economy.

In 2003, Russias direct foreign investments in the Armenian economy
totaled USD 68.4 million. Between 1998 and 2003 Russia invested over
USD 230 million in the Armenian economy. In 2003 Armenian ranked
third in the list of top recipients of Russian investments, preceded
by Belarus and Moldova. As an example of effective Russo-Armenian
joint venture the minister named Armenal JV (an asset of RUSAL),
which was set up in 2000 on the basis of the Kanakersk Aluminum Plant.