Armenian President calls on Austrian businessmen to invest in North-South highway’s construction

YEREVAN, June 27. /ARKA/. Armenia’s President Serzh Sargsyan called on the Austrian businessmen to invest in construction of North-South high-seed highway. 

“Today we are implementing large infrastructure projects. In particular, we are constructing North-South high-speed highway which will connect Black Sea ports with the ports of the Persian Gulf,” the President said Tuesday at Armenian-Austrian business forum. 

He reminded that a number of European partners had already shown interest to this project. 

“I call on the Austrian businessmen to cooperate actively with their Armenian partners and help to foster balanced development of our region,” he noted.

On January 14, 2010, Armenian government approved the program of North-South highway construction as well as the $500-million agreement signed between Armenia and Asian Development Bank. The credit agreement on the first $70-million tranche was signed on October 12 2009, and the second $210 million tranche- on May 30 2011. 

Railway North-South will allow the Armenian side to use the alternative route of transportation of energy resources and other goods, obtaining access to outside world. Currently, railway communications between Armenia and foreign countries is provided only through the territory of Georgia.

Armenia’s Prime Minister Tigran Sargsyan reported earlier that total cost of North-South highway construction is estimated $1.5 billion. 

Trade turnover between Armenia and Austria totaled in $50 million in 2011. —0—