Armenia proposed China to establish joint ventures in textile industry
YEREVAN, April 22. /ARKA/. The prospects of the Armenian textile industry were discussed at a meeting of the Ministry of Economy of Armenia with a delegation of the Association for the Promotion of Foreign Markets of the city of Shaoxing Keqiao (China), famous for its textiles.
As reported by the press service of the Ministry of Economy, Deputy Minister Edgar Zakharyan emphasized China's extensive experience in the textile industry and the existing potential for bilateral cooperation in this area. He proposed that his Chinese colleagues consider the possibility of investing in Armenia and establishing joint ventures.
He presented the development trends of the textile industry in Armenia, the policy pursued in this sector and the tools of state support.
Having reported that it is planned to create industrial zones in Armenia that meet international standards, Zakharyan noted that mutually beneficial cooperation is possible in this area.
In order to increase the recognition of Armenian textile products in the Chinese market, the guests were invited to study the possibilities of participation of Armenian manufacturers in international exhibitions held in China.
The Chinese delegation is in Armenia within the framework of the program "Creating sustainable value chains in the textile and agribusiness sectors of Armenia", implemented with the financial support of the European Union and initiated by the International Trade Center. In Armenia, the guests visited a number of large textile companies, and business meetings in the B2B format are also planned.
In January-February 2025, the trade turnover of Armenia with China amounted to $ 383,767.9 thousand (a decline of 22% compared to the same period in 2024). Armenian exports amounted to $ 64,299.0 thousand (a decline of 75.9%), and imports - $ 235,623.4 thousand (an increase of 77.7%).
