ArmInfo. We understand that Armenia is one of the beneficiaries of the reconfiguration of the Russian economy, commodity flows, services, including capital, and this should be used to the maximum. Minister of Economic Development of the Russian Federation Maksim Reshetnikov stated this during the "Intellectual Platform" event established by the Center for Strategic Development of the Republic of Armenia.
In particular, he emphasized that these opportunities may be used to develop industrial cooperation. In this regard, Reshetnikov pointed to numerous examples in the fields of energy, the financial sector, mining, metallurgy, logistics, and pharmaceuticals. The Minister also recalled the plans of Russian business in Armenia, including the construction of a large livestock complex in the Lori region of Armenia, the construction of a metro in Yerevan. He noted that there are also prospects for the creation of copper smelters, the development of gold mines. "In this direction, there are specific proposals, specific projects that are being discussed between the businesses of our countries," he said.
In addition, Reshetnikov said that they are discussing the formation of a joint venture for the production of building materials, using Russian equipment in Armenia, the organization of the production of pharmaceutical substances.
He also pointed to active interaction in the context of the development of interregional cooperation. "We proposed to increase targeted support for interregional ties and together with colleagues from the Ministry of Territorial Administration and Infrastructures of Armenia we will develop this direction," he said.
The Minister touched upon the further development of cooperation in terms of increasing mutual settlements in national currencies. <As of today, half of our settlements are already made in national currencies, however, this figure is lower than the average for the EAEU. We have something to strive for>, he said, noting that the Russian ruble- Armenian dram pair is successfully trading on the Moscow Exchange.
"As we develop, we expect that the turnover will grow," the minister said. Speaking about the Center for Strategic Development, Reshetnikov noted that the Russian country would support the newly established body. "The center will generate ideas that we will discuss with partners from the Ministry of Economy of Armenia, prepare decisions and submit them for discussion by the governments of our countries," he said.
In turn, the Minister of Economy of Armenia Vahan Kerobyan noted: "When making the decision to establish the center, we were guided by the interests of the socio-economic growth of our country, striving to create solid foundations for long-term and sustainable development." According to him, the center, not only contributes to strengthening and maintaining the course towards the growth of the country's welfare, but will also become a platform for bringing together the expert community for discussions, exchange of experience and development of practical solutions.
It should be noted that the foreign trade turnover between Armenia and Russia exceeded $2.6 billion in January-August 2022 with a sharp acceleration in y-o-y growth from 11.8% to 71.7%, mainly due to a sharp increase in exports. The volume of exports of goods from Armenia to Russia significantly accelerated the y-o-y growth from 30.9% to 2 -fold, which at a slightly less restrained upward pace was also observed in the volume of imports of goods from Russia to Armenia - from 4% to 55.3%, with the provision of volumes respectively at the level of $1.062 million and $1.580 billion. Within the framework of the XXV St. Petersburg International Economic Forum, Minister of Economic Development of Russia Maksim Reshetnikov and head of the Armenian Ministry of Economy Vahan Kerobyan signed a Memorandum of Cooperation between the ministries on the establishment of the Center for Strategic Development of the Republic of Armenia.
The competences of the Center include: creation of consulting projects in the field of development of legislation and institutions, promotion of the best practices of Russian public administration; advising (including financial) in structuring investment projects; institutional development of the Republic; support of Russian investors.
