Armenia suggests resuming meetings of Armenian-Italian commission on economic cooperation

YEREVAN, April 3. /ARKA/. Armenia and Italy are working towards expanding economic cooperation and increasing bilateral trade turnover, Armenian Foreign Minister Ararat Mirzoyan said on Sunday following his talks with visiting Italian Foreign Minister Luigi Di Maio.

"During today's discussions with my Italian counterpart, we stated that the bilateral trade turnover and the volume of Italian investments in Armenia are growing year by year," Mirzoyan said.

Mirzoyan stressed also that there is a huge unused economic development potential, saying also that the Armenian-Italian intergovernmental commission is important for its realization.

"The last time the commission held a meeting was in 2017 and I think steps can be taken to resume its regular meetings," Mirzoyan noted.

For his part, the Italian minister noted that Italy considers Armenia a reliable partner, as evidenced by the solid presence of Italian companies in the country.

"We intend to continue fostering reforms and contributing to Armenia's social and economic growth," Di Maio said. The minister said that the Armenian-Italian trade turnover of about 200 million euros was recorded last year, a 10 percent increase compared to 2020 and as much as in 2019.

He noted that Italian business in Armenia is concentrated in infrastructure and energy sectors, but is also active in telecommunications.

"We discussed with Minister Mirzoyan the possibility of concluding a new agreement to protect and stimulate investments, relying on the model agreement developed in the EU," Di Maio said.

According to official data of the National Statistical Committee of Armenia, Armenia's trade turnover with Italy in 2021 grew by 24% from 2020 to $287.8 million. Moreover, Italy ranked second among EU countries in terms of exports to Armenia - $195.1 million, a 17.4% growth from the previous year. --0--