ARMENAN-BELGIAN ECONOMIC RELATIONS WITH STABLE PROSPECTS

ARKA News Agency, Armenia
Dec 19 2007

YEREVAN, December 19. /ARKA/. Armenian-Belgian trade and economic
relations have long-term and stable prospects on the basis of
traditions and experience, Director of the Armenian Development Agency
(ADA) Tigran Davtyan stated at a meeting with members of the Belgian
economic mission.

"We hope that the Armenian-Belgian trade and economic cooperation
will not only be expanded, but also acquire new formats, including
invest ones, which will contribute to the establishment of diversified
economic relations between our countries," he said.

According to Davtyan, this visit is logical development
of Armenian-Belgian economic cooperation, particularly the
Armenian-Belgian Summit held in Brussels late in 2007 as part of RA
President Robert Kocharyan’s official visit to Belgium.

"After the Brussels meeting we managed to co-organize a mission of
Belgian businessmen and representatives of private Belgian companies in
Armenia, which allowed them to get acquainted with Armenia’s economic
and business potential," Davtyan said.

In this context, the ADA Director reported that actual results were
reached during the visit.

"Belgian businessmen reached arrangements with Armenian enterprises
about specific programs," Davtyan said. He added that Armenian
businessmen gained quite positive impressions as well.

Belgian Ambassador to Armenia Charles Ghislain pointed out that this
visit is an attempt to find the golden mean in the economic relations
between Armenian and Belgian businessmen in the context of their
economic activities.

The two countries have no common geographic border and have restricted
information on each other, which is the principal reason for the
Belgian businessmen’s visit to Armenia, he said. Ambassador Chislain
added that Armenian businessmen are expected to pay a return visit
to Belgium in the near future.

The Belgian delegation which was on a visit to Armenia on December
18-19 included representatives of over 12 organizations and companies
producing pipes, stone-working equipment, chocolate, concentrates
for poultry, as well as companies rendering Internet and satellite
communication services, etc..

The Belgian delegation was informed of Armenia’s macroeconomic
indicators, investment and business potential, as well as of the
situation on Armenia’s financial market.

In January-October 2007, Armenian-Belgian trade decreased by 6.7%
down to $179.8mln. Armenia’s exports to Belgium totalled $82.8mln –
an 11.9% decrease compared to the corresponding period last year.

Armenia’s imports of Belgian products totalled $96.9mln – a 1.8%
decrease. Armenia’s imports from Belgium totalled $134.3mln – a 4.8%
increase.