About 300 companies with Iranian capital opened in Armenia in the first half of 2023 – minister

YEREVAN, August 25. /ARKA/. In terms of the number of companies run in Armenia by foreign investors Iranians are second after Russians, Armenia’s Economy Minister Vahan Kerobyan said today.

Speaking to reporters on the sidelines of an exhibition in Yerevan featuring Iranian free economic zones, Kerobyan said about 300 companies with Iranian capital were opened in Armenia the first half of 2023. ‘We believe this is a good pace, but there is a possibility to step it up, " he said.

At the same time, Kerobyan pointed out that despite the almost two-fold growth in the trade turnover between Armenia and Iran over the past 2 years, today the growth rate is declining.

‘We need to look for new opportunities to bring the bilateral trade turnover up to $3 billion,’ Kerobyan said.

The minister reminded that today the annual trade turnover between the countries is about $800 million. "Cooperation within the framework of free trade zones will give new strength to bilateral trade turnover," he noted.

According to Armenia’s National Statistical Committee, Iranian investments in Armenia in January-March 2023 amounted to 108.8 million drams against 449 million drams in the first quarter of 2022 (a 3.3-fold decline).

The total inflow of foreign investments in Armenia in the first quarter of 2023 amounted to 29.6 billion drams against 26.9 billion drams in r the same period of 2022. ($1 - AMD 385.96). -0--