ArmInfo.There is great cooperation potential between Armenia and Russia, which can be realized through cooperation projects in the production sector.
Armenia's Deputy Minister of Economy Ashkhen Shirvanyan announced at the opening of the event held within the framework of the visit of the Russian business delegation, which also includes food producers. According to the deputy head of the department, the development of cooperation between countries in the food industry will allow sharing achievements and positive experience in this industry, guaranteeing high quality and reliability of products.
She emphasized that such events will significantly contribute to the further development of trade and economic relations between Armenia and Russia, strengthening business ties and can be an effective platform for discussing the prospects for bilateral cooperation.
20 Russian manufacturers are taking part in the event, organized by the Russian Export Center (REC). The representative office of the Russian Export Center opened in Armenia in December 2023. REC has 12 more foreign representative offices in addition to Armenia, including in India, Vietnam, Turkey, Kazakhstan, China and other countries. The main task of the Center is to help maintain a continuous dialogue between the business communities of Russia and Armenia. As the head of the Center, Vigen Yenokyan, previously noted, the REC is a "single window" where representatives of Armenian business community can contact on issues of selecting Russian suppliers and attracting financing to conclude a deal.
According to the Statistics Committee, foreign trade turnover between Russia and Armenia exceeded $7.3 billion at the end of 2023, withy-o-y growth slowing from 91.7% to 43.3%, due to a strong slowdown in export growth. Thus, the export of goods from Armenia to Russia significantly slowed down the y-o-y growth from 2.9-fold to 38.8%, with a slight acceleration in the increasing rate of import of goods from Russia to Armenia from 46.9% to 47.4%, ensuring volumes of $3.4 billion and $3.9 billion, respectively. the share of Russia In the foreign trade turnover of Armenia decreased slightly year-on-year, from 35.9% to 35.3%, against the background of a decline in the share in exports from 45.4% to 40.6% with an increase in the share in imports from 30% to 31.6%.
Russia continues to hold the lead among Armenia's trading partners in terms of foreign trade volumes.
