Russian Deputy Minister: Russia is satisfied with the level of trade with Armenia

ArmInfo. Russia is satisfied with the level of trade with Armenia.  First Deputy Minister of Industry and Trade of Russia Gleb Nikitin told reporters on September 8 in Yerevan.

According to the Deputy Minister, at this stage, the dynamics of trade turnover is positive, "although there were crisis years and not only in the Armenian-Russian relations, but in principle in all foreign economic activity, they were not the most successful. Now the trade turnover is growing, Russian exports increased by 5% in relation to the previous year by about 30%," Nikitin said. Proceeding from this, as the deputy minister noted, one can not look at this dynamic quite pessimistically. We are satisfied, we believe that there is much more potential, much more can be done, first of all, to realize cooperation, not in trade, but in joint projects." I think that the Armenian jurisdiction in this part is underestimated by Russian industrialists and investors and we will over it work," said the first deputy minister of industry and trade of the Russian Federation.

To note, according to the National Statistical Service of Armenia, the foreign trade turnover between Armenia and Russia grew by 23.7% per annum in the first half of the year to $ 737.5 million. This was provoked by an increase in exports of 27.3% to $ 219.3 million and imports of 22.3% % to $ 518.2 million.

According to the data of the Eurasian Economic Commission, the volume of mutual trade between Armenia and the EEU states as of the end of 2016 amounted to 392.1 million USD, having increased by more than 1.5 times (by 53%) in comparison with the previous year. Almost all "Union" trade of Armenia falls on Russia (95%). However, the trade turnover with other countries of the EEU, due to the low "starting base", also increased slightly: with Kazakhstan - by 43%, with Belarus - by 2.1 times, and with Kyrgyzstan - almost three times. According to the Minister for Integration and Macroeconomics of the EEC Tatyana Valova, last year Armenia took the first place in the EEU in terms of industrial production growth rates, which reached 6.7%. Almost in the same volume, the production of agricultural products increased, which enabled the country to increase food supplies to the all-Union market. Most of all, exports of fruits, alcoholic and non-alcoholic beverages increased. The main foreign economic partner of Armenia is Russia.  At the end of 2016, it accounted for a quarter (24.3%) of the entire foreign trade of the republic. The total volume of trade between the two countries over the past year, according to the Federal Customs Service of Russia, amounted to more than $ 1.3 billion. At the same time, bilateral trade due to energy supplies has a sharp bias in favor of Russia. If the Russian export to Armenia in the last year amounted to 957.3 million USD, then the Armenian export to Russia is 378.3 million. Russia is also leading in terms of investments in the Armenian economy. According to various estimates, its share is up to half of all accumulated capital investments. As of March 2016, the volume of Russian investments reached $ 3.4 billion. Among the largest projects of Russian business in Armenia is the commissioning of the 5th power unit of the Hrazdan Thermal Power Plant (December 2013), the purchase of the Armenian telecommunications company VimpelCom operator "ArmenTel", acquisition of Vneshtorgbank by "Armsberbank", modernization by RUSAL of "RusArmenal" plant, and Inter RAO EEC - Sevan-Hrazdan cascade of HPP. In total, about 1.3 thousand enterprises operate with the participation of Russian capital, which is one third of the total number of joint ventures. Russia almost completely controls the Armenian energy sector and, to a large extent, transport. The gas networks of the republic are 100% owned by Gazprom, and the railways are given for 30 years in the concession of Russian Railways and are managed by the South Caucasus Railroad, owned by them.