RUSSIA TO BOOST INVESTMENT IN ARMENIA

RosBusinessConsulting Database
September 14, 2007 Friday
Russia

Russian investment in Armenia’s economy is expected to reach $500m by
the end of 2007, Russian Transport Minister Igor Levitin, who is also
the co-chairman of the Russian-Armenian intergovernmental economic
cooperation commission, told a press conference in Yerevan today.

Levitin noted that Russia and Armenia had established a good
partnership and friendly relations, but there was still room to
increase investment. He also noted that transportation problems still
hampered developing economic ties between the two countries.

In turn, Armenian Prime Minister Serzh Sargsian added that this
year had seen improvement in the economic relations between the two
countries thanks to governmental efforts and expressed hope for even
greater success for years to come.

According to Armenia’s National Statistics Service, Russia’s total
investment in the country stood at $74m in H1 2007, $38m of which
were direct investment.