RUSSIA HAS INVESTED $1 BILLION IN ARMENIA

ARMENPRESS
Jan 21, 2008

YEREVAN, JANUARY 21, ARMENPRESS: Addressing an Armenian-Russian
business forum in Yerevan today Armenian prime minister Serzh
Sarkisian said the event was an important avenue for businessmen of
both countries to seek new ways for boosting their ties.

He said Russian investments in Armenia’s real sector of economy since
its independence have amounted to nearly $1 billion or one third of
all foreign investments and about 900 ventures with joint capital
have been opened.

The Armenian prime minister singled out, particularly, IT, machine
building, tourism and some other sectors as areas in which both
countries have huge resources to make progress.

The forum was attended by Igor Levitin, Russian transport minister
who co-chairs together with Serzh Sarkisian the bilateral government
commission for cooperation.

Igor Levitin for his part described Russia’s relations with Armenia
as dynamic. He said trade between Armenia and Russia grows over 50
percent annually. For example, it grew 60 percent in 2006 and is
expected to grow 63 percent for 2007.

The Russian minister also spoke about Russian investments in Armenia’s
major sectors-energy, transport, mining and banking . He said removing
transport obstacles will give a very strong push to bilateral trade.

Armenia has had no overland connections with Russia since 2006 July
after Russia closed a border check point on its border with Georgia
for a repair that was to end in several months. The trade is being
carried out through ferry boats which join Georgian ports with Ukraine
and Russia.

The Russian minister urged Armenian companies manufacturing building
materials not to miss their chance and take part in construction of
sporting facilities for southern Russian city of Sochi that will host
2014 Winter Olympic games.

Levitin reminded that Russia is ready to invest in prospecting of
uranium in Armenia. An agreement to that end was signed in Yerevan
last year.