Armenia and Russia will create a joint working group on interaction in the industrial sphere

ArmInfo. Yerevan and Moscow are discussing the possibilities of attracting Russian investments in the sphere of electrical engineering and jewelry business of Armenia. Issues related to the implementation of this project were discussed in Moscow by the Minister of Economic Development and Investments of the Russian Federation Suren Karayan with the Minister of Industry and Trade of the Russian Federation Denis Manturov.

According to the press service of the RA Ministry of Economic Development, during the meeting Suren Karayan proposed to expand the representation of Russian enterprises in the free economic zone of Armenia. In response, Denis Manturov said that Russian corporations are showing an interest in deploying their activities in this zone. The Russian minister highly appreciated the decisions taken at the International Forum of the Eurasian Partnership. The parties noted with satisfaction the growth of mutual trade achieved in 2017.

During the meeting, Suren Karayan and Denis Manturov discussed issues related to the activation of the joint Armenian-Russian investment fund. The Ministers gave instructions to the relevant units on this issue.  At the suggestion of the Armenian minister, a decision was made to set up a joint working group on interaction in the industrial sphere, the first meeting of which will be held in early 2018. The working group, in particular, will explore the prospects for joint export to third countries and specific joint programs.

According to the National Statistical Service of Armenia, in January-October 2017, the annual dynamics of foreign trade turnover between Armenia and Russia accelerated the growth rate to 24.1%, from last year's 13.4%, exceeding $ 1.337 billion. Russia retains the primacy not only in this indicator, but also in terms of export and import - $ 428.1 million and $ 908.6 million, respectively, with the acceleration of growth in imports from 3.3% to 16.8% with a slowdown in export growth from 52.8% to 43%.