ArmInfo. Armenia and Russia have agreed on joint investment projects, the RA Ministry of Economy reports following Minister Vahan Kerobyan's meeting with RF Deputy Minister of Economic Development Dmitry Volvach.
Mr Kerobyan stated Armenia's willingness to develop cooperation with Russia in industry, trade and mutual investments. Foreign investor can incorporate businesses in Armenia and carry out effective activities in the energy sector, light and heavy industries, pharmaceutical industry, telecommunications, jewelry industry, logistics, transport, IT.
Last year, the Russian-Armenian trade turnover reached $2.6bln, with a 50% year-on-year growth in January alone, Mr Volvach said.
"We do not want to stop, but we are interested in new joint projects and in developing our investment potential," the Russian official said. He noted that over 40 Russian companies are operating in Armenia, with Russian investments in Armenia's real economy reaching $2bln.
One of the tools could be the signing of an intergovernmental economic cooperation programme for 2022- 2025 and development of an action plan in the promising fields. The sides also discussed cooperation between Russian and Armenian regions. Armenia is now cooperating with 70 Russian regions.
Last year, Russian investments in Armenia totaled $1.5bln - a 2.2-fold year-on-year growth against a 34% decline the previous year. Russia's direct investments exceeded $537mln - a 53.4% year-on-year growth against a 9.3% decline the previous year.
Last year, the Russian-Armenian trade totaled $2.6bln - a 20.9% growth. Exports totaled $847.2mln (a 24.5% growth), with imports reaching $1.8bln (a 19.2% growth)
