IN OPINION OF VICTOR ZUBKOV, ARMENIAN-RUSSIAN JOINT INVESTMENT PROGRAMS PROCEED SUCCESSFULLY

Noyan Tapan
Feb 6, 2008

YEREVAN, FEBRUARY 6, NOYAN TAPAN. Commodity turnover between Armenia
and Russia currently makes 700 mln dollars, even though there is
an opportunity to increase this index to 1 bln dollars in a short
period of time, the Armenian prime minister Serge Sargsian stated
at the February 6 joint precc conference with the Russian prime
minister Victor Zubkov. According to him, the Russian side started
to make invstments in Armenia actively, and the total amount of these
investments has passed the one billion dollar mark.

S. Sargsian said that the problem of transport communication
hinders rapid development of relations between the two countries,
and the transfer of Armenian Railway company to Russian Railways for
concession management will help solve this problem. It was mentioned
that Armenian building materials will be used in construction work
for organization of the 2014 Olympic Games in Sochi: these materials
will be transported to Russia by railway.

In the words of V. Zubkov, an agreement on improvement of the trade
regime and an agreement on promotion of bilateral cooperation in the IT
sector were signed during this visit. He attached special importance
to an exchange of notes about signing an intergovernmental agreement
on Armenia’s participation in activities of the international center
of uranium enrichment.

V. Zubkov said that Russia continues to be the major trade partner
of Armenia, with bilateral commodity turnover increasing by 60%
in the past two years. In his words, the joint investment programs
are proceeding successfully, involving various directions such
as atomic energy, diamond cutting, telecommunication, railway
transport. It was stated that regular operation of Kavkaz-Poti ferry
link will also contribute to further development of trade and economic
cooperation. The Russian prime minister stated that the first pilot
program of the ferry link’s operation has been successful: the first
shipment of cement has been exported from Armenia to Russia.

Speaking about "Property for Debt" program, V. Zubkov said that the
inventory making of Mars Plant has been completed, and valuation
of shares is now being done, after which private investors will be
attracted for relaunching the plant.

In response to the question about how the upcoming presidential
elections in Armenia will affect Armenian-Russian relations,
S. Sargsian replied that the relations between the two countries have
not only the rich past and present but also good prospects. According
to him, Armenia is connected with Russia by thousands of links,
and it is to Armenia’s advantage to maintain friendly relations with
Russia. "The Russian capital is at ease in Armenia. Other kinds of
relations are out of the question, and Armenian-Russian links will
gradually strengthen," the Armenian prime minister stated.