UMBA, ADA AND AEIG SIGN ARMENIAN-GREEK BUSINESS COOPERATION AGREEMENTS

Noyan Tapan
Jun 27 2007

YEREVAN, JUNE 27, NOYAN TAPAN. Business cooperation agreements were
signed on June 27 among the Union of Manufacturers and Businessmen
of Armenia (UMBA), the Armenian Development Agency (ADA) and the
Association of Exporters and Importers of Greece (AEIG). The documents
were signed by the Chairman of UMBA Arsen Ghazarian, the Chairman of
ADA Vahagbn Movsisian and the Chairman of AEIG Tomas Vassaras.

A. Ghazarian said that unlike the Armenian-Greek interstate relations,
the business links between the two countries are "quite modest and
weak" due to bilateral passiveness in the issue of studying each
other’s market and risk assessment.

The purpose of signing the agreement is to encourage the bilateral
commodity turnover through business forums and exhibitions. "The
annual commodity turnover between Armenia and Greece makes only 10
million dollars," he noted, adding that Greece can export to Armenia an
additional number of goods that Armenia currently imports from Turkey.

In the opinion of A. Ghazarian, among most profitable spheres of
the Armenian-Greek cooperation are construction, tourism, banking
activity, as well as international advice and audit, where, in his
words, the Greek market is quite flexible.