Armenia and U.S. discuss expansion of economic interaction

YEREVAN, February 14. /ARKA/. Armenian Minister of Economy Gevorg Papoyan and US Ambassador to Armenia Kristina Kvien looked today into the prospects of expanding cooperation in various economic areas, the press service of the Ministry of Economy reported.
The sides were said to speak about a set of issues on Armenian export diversification, mining, pharmaceuticals, agriculture sectors and food security. The sides also exchanged views on the progress of joint programs.
The parties then touched upon the favorable business environment in Armenia and wide investment opportunities. Papoyan proposed to consider the possibility of organizing a visit of American journalists and influencers to Armenia.
According to Armstat, Armenia's trade with the U.S. in 2024 totaled $410.6 million with a 38.7% decline. Exports to the U.S. increased by 21.5% to $589 million, while imports by the exporter country's indicator amounted to $348.5 million (a 48.3% decline), and by the producer country's indicator - tom$351.7 million (a 43.4% decline).
According to the Central Bank of Armenia, the inflow of money transfers from the U.S. amounted to $690.6 million ($663.2 million in 2023).
According to the National Statistical Committee of Armenia, in the first 9 months of 2024, the total volume of American investments in Armenia stood at 11.6 billion drams, including 8.3 billion drams of direct investments.
In January-September 2023, these figures were AMD 2.7 billion and AMD 6.6 billion, respectively.