Expert: Armenian authorities should think about how to dramatically expand economic cooperation with Russia

YEREVAN, August 30. /ARKA/. Armenian authorities should think about how to dramatically expand economic cooperation with Russia, because now, as the Armenian economy is back on the recovery track, there are clearly outlined opportunities, a political analyst Aram Safaryan said today.

Speaking at a news conference Safaryan said there are now discussions underway on how to boost cooperation between Armenia and Russia in such areas as metallurgy, pharmaceuticals, ICT, chemical industry and tourism.

“We need to take advantage of this exceptional opportunity and think about how to bring more Russian capital to Armenia for these sectors,” he said.

Safaryan said also that the share of Armenian exports to the Eurasian Economic Union (EEU) has grown from 25% in 2019 to 27% in the first half of 2021.

In his words, Russia was remains and will be in the near future main political and military-political ally and economic partner of Armenia.

"Russian investments are still the largest in Armenia, as well as the number of enterprises working on Russian investments," he said.

Armenian exports in January-July 2021 when compared to January-July 2020 increased by 23.2% amounting to $1,641.5 billion. Compared to June 2021 they fell by 9.1%. In dram equivalent, exports amounted to 848.6 billion drams.

Imports in the reporting period amounted to $2,664.9 billion, recording an increase of 10.6% when compared to January-July 2020. In July 2021, compared to July 2020, imports increased by 22.4%, and compared to June 2021, by 10.7%. In dram equivalent, imports in January-July 2021 stood at 1,377.4 trillion drams. ($1 – 493.49 drams).--0--