Friday, April 23 2021 16:50

Minister of Economy discussed with the Ambassador of Canada the  possibilities of intensifying cooperation in the financial and  economic fields

Minister of Economy discussed with the Ambassador of Canada the  possibilities of intensifying cooperation in the financial and  economic fields

ArmInfo.The Minister of Economy of Armenia Vahan Kerobyan received the Ambassador Extraordinary and Plenipotentiary of Canada to the RA Alison LeClaire, yesterday, the press service of the department reported today.

During the meeting, the sides discussed the Armenian-Canadian  cooperation, outlined possible areas of partnership. The following  areas of cooperation were identified: trade and investment, industry,  high technology, education and tourism. The Minister expressed  confidence that the Armenian-Canadian economic relations have great  potential for revitalization and development.

Possibilities of exporting Armenian products to Canada, in particular  solar panels and alcoholic beverages, were discussed. The Minister  urged to use the opportunities to establish business relations with  leading Canadian cannabis companies, stressing that Armenia has an  attractive business environment, taking into account the country's  climatic conditions, and a skilled workforce. In addition, Canadian  investors can use the industrial zones under construction in Armenia  to locate their branches here in order to freely enter the EAEU  markets.

Vahan Kerobyan stressed the fundamental importance of education in  the economic development of the country. Work is underway to achieve  this goal. In this context, the parties discussed the possibility of  implementing joint educational programs and professional development  programs.  The area of financial services was discussed. The Minister  expressed readiness to support Canadian financial institutions,  banks, in particular venture funds, stressing that Armenia has one of  the most transparent and reliable financial systems in the region,  thanks to which a number of leading international banks are  successfully operating in the country.

During the meeting, issues of organizing business meetings with the  participation of representatives of the private sector of the two  countries were also discussed. In this regard, the minister proposed  holding an Armenian-Canadian business forum in the second half of  2021.

It should be noted that according to the RA Statistical Committee,  the foreign trade turnover between Armenia and Canada decreased  significantly in 2020 - by 80.4% to $ 18.7 million. At the same time,  export volumes amounted to only $ 3.5 million, demonstrating a  decline of 94.4%, while imports decreased by 55.9% to $ 15.2 million.  In the first 2 months of 2021 alone, the volume of the  Armenian-Canadian trade decreased by 5%, amounting to $ 3.8 million,  with a decline in exports by 60.6% to $ 380.1 thousand. At the same  time, import demonstrated growth by 12.2% to $ 3.5 million 

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