ARMENPRESS

EU REMAINS ARMENIA’S BIGGEST TRADE PARTNER

YEREVAN, MAY 5, ARMENPRESS: The European Union was
Armenia’s largest trade partner in 2007 and the
previous five years, Tigran Jrbashian, head of the
Armenian European Policy and Legal Advice Center
(AEPLAC), said today. He added that 38.4 percent of
Armenia’s foreign trade in 2007 was with 27 members of
the European Union.
Speaking at a news conference he said Armenian
exports to EU last year rose 19.6 percent against
2006, while imports grew 40 percent. For comparison he
said 28 percent of Georgia’s foreign trade and 59
percent of Azerbaijan foreign trade were with the
European Union.
He said Armenian exports to EU mainly comprise
precious metals and mining products, while Georgia
exports food and 90 percent of Azerbaijan’s trade with
EU falls on crude oil.
Tigran Jrbashian said all three South Caucasian
nations import equipment, which he said evidences that
all three are technically reequipping which he said
inspires hope. He said the upgrading in Armenia was
quick and effective.
He said the EU was also the largest investor in
Armenia until 2006, due largely to Greece’s ownership
of ArmenTel phone company. Last year the EU
investments slashed to 18 percent against 50 percent
of Russian investments, which remains the biggest
investor in Armenian economy.
According to him, foreign investments last year
amounted to $845 million, including $582 million of
direct investments. The biggest EU member investors
were Germany ($55.3. million), Cyprus ($16.5 million),
France ($18.8 million) and Great Britain ($13.5
million).

From: Emil Lazarian | Ararat NewsPress