CENTRAL BANK HEAD: ARMENIA AND RUSSIA TO SPEED UP COOPERATION DEVELOPMENT

ARKA
March 25, 2008

YEREVAN, March 25. /ARKA/. Armenia and Russia to speed up their
cooperation development, Tigran Sargsyan, chairman of the Central
Bank of Armenia, said Monday in an interview with Rossiyskaya Gazeta.

He pointed out time and trust as important factors of economic
development.

He thinks these factors lay favorable ground for establishing
economic ties.

"Mentality, traditions and cultural relations have always united
Russia and Armenia and created favorable environment for establishing
business ties", Sargsyan said.

He said that this doesn’t apply to Europe and America – time is needed
for establishing new economic relations, and time is money.

"Integration processes with Russia will outdo integration with other
countries", the Central Bank head said.

He said that once Armenia’s economic relationship with Russia lagged
behind political, but in recent tree years, the countries built up
political relations.

"Armenian and Russian governments view new industries, changeover
to science intensive economy and high technologies as top-priority
focuses.

This will spur our economies integration", Sargsyan said.

Armenian-Russian trade turnover grew 65.5% to $704.1 million. Armenia’s
exports to Russia totaled $201.8 million (17.4% of Armenia’s exports)
in 2007 after growing 66.5%, compared with the previous year.

Imports from Russia reached $502.3 million in 2007 after growing 65.1%,
compared with 2006.

As a whole, Russia has imported commodities worth $570.5 million
(17.4% of total imports).

Statistical reports say, in 2007 Russian imports reached the record
high making 15.9% of Armenia’s foreign trade turnover.