RUSSIAN BUSINESS PICKS UP IN ARMENIA
By M. Alkhazashvili
Translated by Diana Dundua

The Messenger, Georgia
Sept 24 2007

Russian investment in Armenia, as well as bilateral trade turnover,
is increasing every year, announced participants in the 9th session of
an Armenian-Russian intergovernmental session on economic cooperation.

Armenian Trade and Economic Development Minister Nerses Yeritsian
stated that Russian investment in Armenia should not be seen as a
negative development.

The Armenian-Russian intergovernmental session was headed by Armenian
Prime Minister Serzh Sarkisian and acting Russian Transport Minister
Igor Levitin, reports the news agency Regnum.

The committee noted successful cooperation in the economic sector,
in particular progress in implementing the March 31, 2006 agreement
between the Armenian government and JSC Gazprom, according to which
the Russian company invested USD 111.8 million in 2006.

In 2007, Gazprom will invest some USD 190 million more in Armenia.

It was also agreed that the Razdan thermoelectric power plant will
be given to the Russian government. It will be joined with Razdan
5, the main Armenian power plant, which already belongs to Moscow
according to PanARMENIAN.net.