Mirzoyan says Armenia's joining Black Sea Submarine Cable project is significant

YEREVAN, November 16. /ARKA/. At a November 15 meeting in Brussels with EU Commissioner for Neighborhood and Enlargement Oliver Varhelvi Armenian Foreign Minister Ararat Mirzoyan stressed the significance of Armenia's joining the Black Sea Submarine Electric Cable project stemming from a joint statement made in October by the Armenian Prime Minister and the President of the European Commission.

The press service of the Armenian Foreign Ministry reported that the effective implementation of the advanced initiatives worth 2.6 billion euros designed by EU for Armenia within the framework of the EU economic and investment plan was emphasized for the development of trade and economic relations between Armenia and the EU.

The joint statement following the meeting between Armenian Prime Minister Nikol Pashinyan and European Commission President Ursula von der Leyen held in Granada on October 5 particularly noted that in the long-term perspective the European Union and Armenia are determined to strengthen their economic ties, working to unlock the full potential of the Comprehensive and Enhanced Partnership Agreement.

In particular, the EU Economic and Investment Plan (EIP) for Armenia envisages up to 2.6 billion euros, which will be used for investments in important infrastructure and other projects.

It was also noted that the European Commission will support Armenia's participation in regional projects, such as Black Sea Energy Submarine Cable and will increase technical assistance to Armenia, particularly in the spheres of air and nuclear safety.

According to the latest official statistical data, in January-September 2023, Armenia's trade turnover with EU countries amounted to $2.1 billion with a 30.8% growth compared to 9 months of the last year.

Armenian exports to the EU states decreased by 5.1% to $575.5 million, while imports increased by 48.5% to $1.7 billion. -0-