U.S. invests over $1bln in Armenia

ArmInfo.  The United States is investing over $1 billion in Armenia, RA Minister of Economy Gevork Papoyan told reporters on February 9.

According to him, the American company Contour Global Hydro Cascade  is investing $120 million in the modernization of the Vorotan  hydroelectric cascade, another $200 million is expected as part of  the TRIPP project, and over $500 million will be invested in the  development of the Amulsar deposit. "Add nuclear energy to this, and  you get a more than significant figure, exceeding $1 billion, which  is unprecedented in the history of Armenia," Papoyan said, pointing  to opportunities for attracting new American investment. It is  possible that new projects will be announced following US Vice  President G.D. Vance's visit to Armenia.

Papoyan also noted that the new tariffs imposed by US President  Donald Trump on products from countries trading with Iran would be  discussed during the visit. Last year, the minister emphasized,  Armenia exported $50 million worth of goods to the US. The imposition  of new tariffs could lead to higher prices and a decrease in their  competitiveness. "However, we have not yet received any notifications  from our American partners. But we'll see, we'll continue the  discussions. I can only assure you that there are far more  interesting and important issues on the visit's agenda," the Minister  of Economy noted.

Responding to a question about the possibility of transferring the  right to build a new nuclear power unit in Armenia to the US, Papoyan  noted that, according to his information, discussions on this issue  are ongoing with several countries, including the US. "In any case,  Armenia will choose the option that best suits its national  interests," assured Gevork Papoyan.

As a reminder, Armenia plans to build a new nuclear power plant using  small modular reactor (SMR) technology by 2035-2036, viewing them as  a safer alternative (with respect to localized accidents). The  service life of the existing Metsamor Nuclear Power Plant has been  extended until 2036. The government is studying proposals from the  United States, Russia, China, France, and South Korea.