Maksim Reshetnikov: Armenia is one of the beneficiaries of the  reconfiguration of the Russian economy, commodity flows, services,  including capital

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.