Mher Grigoryan: We need to think more about logistics and  consolidation

ArmInfo.  The existing indicators of cooperation with the Russian Federation indicate that we have an institutional relationship, as stated by  Deputy Prime Minister of Armenia Mher Grigoryan  during panel discussions during  the St. Petersburg International Economic Forum (SPIEF).

He also mentioned Russian capital, which holds a significant share in the Armenian market. , the Deputy Prime Minister said.

Noting that Armenian producers are ready to produce goods that are competitive, moreover, in demand by consumers, including Russian ones, Grigoryan emphasized the importance of focusing on logistics and consolidation. He added that both Armenia and  other countries are making efforts to diversify their export and import markets, a crucial aspect of security and competitiveness. ,  he said. 

According to the Statistical Committee, in 2024, the net flow of  total investments from Russia, remained at a negative level for the second year in a row, but increased 5 times  to $ 156.3 million (62 billion drams).  Moreover, in 2024, unlike 2023, the net flow of direct investments from Russia was also in the red - $ 215.1 million (85.2 billion drams), marking a 4.8 times decrease  year-on-year.  The Statistical Committee data show that at the end of 2024, the majority of Armenia's foreign trade came from Russia - 54.1%, and exports - from the UAE - 40.1%, compared to 34.4% and 26% in 2023. In  Armenia's total foreign trade, the share of Russia and the UAE  increased to 41.1% and 17.7%, respectively (up from 37.2% and 10.8% in 2023). According to statistics, Russia retains its leadership in both total foreign trade and imports. Specifically, the volume of imports between Armenia and Russia in 2024 exceeded $9.2 billion, a 2.1 times increase. The export volume was $3.2 billion, a decrease of 10.7%. As a result, the foreign trade between Armenia and the Russian Federation reached $12.4 billion, a 56.5%.  increase.