Armenia can become energy hub of the region – Pashinyan

SOCHI, June 9. /ARKA/. Armenia can become an energy hub for the region, Armenian Prime Minister Nikol Pashinyan said on Friday during a panel session titled "Eurasia of the Future: from Challenges to Solutions" at the Eurasia Congress 2023 in the Russian city of Sochi.

"Eurasia has great potential for growth. Logistical and energy security are the most important development factors. Based on geopolitical realities, a new approach to energy security is needed," Pashinyan said.

He reminded that Armenia is liberalizing its energy market, developing its infrastructure and creating North-South energy corridor with Georgia and Iran.

Pashinyan underscored the transition to "green energy" and noted that Armenia's policy is first of all aimed at decarbonization and reduction of greenhouse gas emissions.

The PM also underscored development of renewable energy, which promotes sustainable development in the region. ‘By investing in this sector, we can fight climate change,’ he said.

Pashinyan attached importance to the development of nuclear energy, which raises the energy security of the EEU countries. To this end, the term of operation of the Armenian Nuclear Power Plant is being prolonged, and the possibility of building a new power unit is being discussed.

He called the development of artificial intelligence and innovations, as well as human capital a priority.

According to him, economic growth, social responsibility and ecological balance are necessary for development.

"In 2022, Armenia's economy recorded an impressive 12.6% growth. This is the highest growth since 2008. Exports growth was 77.7%, and exports to the EEU countries tripled," Pashinyan recalled.

According to the official statistics, Armenia’s foreign trade in 2022 surged by almost 69% from 2021 to $14.1bln. Exports amounted to $5.4bn with a 77.7% growth and imports rose by 63.5% to $8.8bn. -0-