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Pashinyan: Armenia must give up second hand as humanitarian aid
... meeting, Armenian Prime Minister Nikol Pashinyan stated that legislative changes must be introduced to stop sending aid in the form of used goods to Armenia. "We must pass a law to ensure that Armenia stops being the primary destination for the export of second-hand goods. This is unacceptable and directly contradicts the logic and concept we are implementing. I am against receiving such aid. Even if it has already arrived at customs in Armenia, that's fine; let them return it. There are many ...
12/19/2024Armenia and Iran's Isfahan discuss jewelry cooperation
Armenian Deputy Minister of Economy Edgar Zakaryan met with a delegation from Isfahan, led by Mohsen Talay Minai, Executive Director of the Isfahan Gold and Jewelry Export Consortium and Chairman of the Board of the Isfahan Gold, Jewelry, Silver, and Precious Stones Exporters and Manufacturers Association. YEREVAN, December 17. /ARKA/. Armenian Deputy Minister of Economy Edgar Zakaryan met with a delegation from ...
12/17/2024Armenia temporarily bans export of iron and non-alloy steel to third countries
On Thursday, the Armenian government imposed a 6-month ban on the export of iron and non-alloy steel to third countries. YEREVAN, December 5. /ARКА/. On Thursday, the Armenian government imposed a 6-month ban on the export of iron and non-alloy steel to third countries. According to the decision, the ban applies ...
12/05/2024EDB lowers Armenia's GDP growth forecast for 2024 to 6%, but raises it for 2025 to 5.5%
... EDB expects Armenia's economy to grow by 5.3% in 2026 and 5.0% in 2027. "The forecast has been lowered, taking into account the revision of GDP data for the first quarter of 2024 and the reduced contribution of the precious metals processing and export sector to the formation of added value," the bank's macroeconomic forecast for 2025-2027 states. It is noted that while the pace of economic growth slowed in 2024, it remained strong. From January to October, the economic activity indicator ...
12/05/2024MP from ruling Armenian party defies PM Pashinyan's request to resign
... Investigation Committee - ed.) publicly stated that he was approached in connection with the criminal case against my son's company. A criminal case was initiated in connection with that incident. Secondly, a criminal case has been opened in connection with the export of small cattle, in which I am a witness. Therefore, if I had agreed to the Prime Minister's request, then later, when it will be proved that I am innocent, the public might have an impression that I was offered a deal and I went for it,’ he ...
12/02/2024Armenia extends grain export ban outside the EAEU for six months
Armenia has extended the ban on grain exports outside the EAEU for six months-from January 4 to July 4, 2024. YEREVAN, November 28. /ARKA/. Armenia has extended the ban on grain exports outside the EAEU for six months - from January 4 to July 4, 2024. The decision was made at a government ...
11/28/2024Open borders and better logistics could positively affect Armenia’s trade prospects– EBRD Managing Director
... two of its neighbours are closed, and international sanctions on the third neighbour, Iran, limits trade in that direction. Since February 2022, economic sanctions on Russia introduced by many developed economies put the trade with Armenia’s biggest export market on a risky ground. Therefore, there are great opportunities in the case of improving geopolitical situation in the region,’’ explained Falchetti.
11/27/2024EBRD forecasts slower and moderate economic growth for Armenia in the medium term
... currently employs one fifth of the employed population but with very low productivity. ‘’Therefore, the focus should be on introducing innovative solutions and new technologies, with the goal of moving agricultural products up the value chain for export,’’ added she. Figures and forecasts for the Armenian economy The state budget for 2024 envisages economic growth in Armenia at 7%. The Central Bank of Armenia expects the country's economic growth in 2024 to be in the range of 6.5-5.8%. The ...
11/27/2024High-quality Armenian fish and caviar will be exported
... refrigerators for the workshop, ice equipment, and solar panels, which helped us develop production. Thanks to the solar stations, we were able to make the cost of our fish more affordable. We are working on producing black caviar, which we will process and export thanks to our systems," said Artem Torosyan, founder and director of ART-FISH. The company's products are currently available on the local market and are also exported to CIS countries. In the near future, the fishery plans to expand production,...
11/26/2024EBRD to announce 44 million euro financing package for refugees in Armenia
... whole. This is a big priority for Armenia that will significantly improve the connectivity of Armenia with its neighbours. Also, construction of new customs and logistics centre in Syunik, was another important project to enhance trade and simplify export and import procedures for Armenian businesses. She said this project also has a soft component to integrate refugees into labour market in Armenia. What is more, the centre will be built to international energy efficiency standards and be one of ...
11/26/2024EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... as a whole. This is a big priority for Armenia that will significantly improve the connectivity of Armenia with its neighbours. Construction of new customs and logistics centre in Syunik, was another important project to enhance trade and simplify export and import procedures for Armenian businesses. The project also has a soft component to integrate refugees into labour market in Armenia. What is more, the centre will be built to international energy efficiency standards and be one of the country’s ...
11/26/2024Without re-export of precious metals, Armenia's exports would have hardly grown in September - WB
Armenian exports increased 39 percent (yoy) in September, driven by re-exports of precious and semi-precious stones and metals, according to World Bank's Armenia Monthly Economic Update – November 2024. YEREVAN, 21 November. /ARKA/. Armenian exports increased ...
11/21/2024Ameriabank joins EngageArmenia2024 Forum UAE to present a special offer for Diaspora Armenians
... interactive breakout discussions, and networking opportunities, Ameriabank says in a press release.. Key topics include: Volunteering and internships, Education, culture and healthcare, Repatriation and career opportunities, business, investments, and export promotion, mentorship and support for social initiatives. During the event, Ameriabank will unveil its "Your Home in Armenia" special offer, a unique opportunity designed to simplify the home-buying process for Diaspora Armenians. This ...
11/20/2024Armenian Jermuk Group to invest almost AMD 10bn in import of equipment and machinery
... investment programme of the company worth about AMD 9.8 billion. Jermuk Group plans to purchase 10 DAF XF 480 FT tractors and 10 Krone SDP 27 eLG50-CS isothermal semi-trailers. The new equipment will provide ‘Jermuk Group’ with better services for export of goods and freight transport, will increase the company's competitiveness, and enable it to compete both in the domestic and foreign markets with local and foreign companies.-0-
11/15/2024Papoyan discusses food security and export issues with Russian agriculture minister
... the importance of bilateral cooperation, particularly in the area of food security, according to the Ministry of Economy's press service. The discussions covered increasing trade turnover with Russia, ensuring food security, organizing food product exports, developing livestock breeding, procuring vaccines for farm animals, exporting alcoholic beverages, and the use of pesticides in agricultural crop cultivation. The parties emphasized the importance of expanding existing cooperation in agriculture ...
11/15/2024Finance Minister of Armenia on how he would spend $100 million
... were added to the budget. "If we are talking about an additional $100 million, then naturally we must proceed with what is outlined in the government program. It is important to me, and we plan to implement it, to provide additional support to the export-oriented sectors of the economy. This is necessary to maintain competition in foreign markets and to ensure the diversification we are talking about," he said. -0-
11/12/2024Armenia extends ban on exports of non-ferrous scrap metal for 6 months
Armenia has extended the ban on the export of ferrous and non-ferrous scrap metal for an additional 6 months. YEREVAN, November 7. /ARKA/. Armenia has extended the ban on the export of ferrous and non-ferrous scrap metal for an additional 6 months. The decision was made at a government ...
11/07/2024Armenia's foreign trade turnover slows to $23.7 billion in 9 months; major trade partners are Russia, UAE, and China
... 3.5%). Among other countries, the largest trade turnover were the UAE ($4.6 billion, a 6.3-fold increase), China (over $2 billion, a 34.7% increase), Iran ($520.6 million, a 2.7% increase), and the United States ($323.2 million, a 41% decrease). Exports According to statistical data, Armenia's exports for the first nine months of 2024 increased 2.1-fold compared to January-September 2023, totaling about $10.6 billion. Export to Russia (about $2.3 billion, a decline of 15.5%), the volume of exports ...
11/06/2024EU investment in Armenia's logistics infrastructure under discussion
... set of issues on trade and economic cooperation between Armenia and the EU. Deputy Minister Narek Hovakimyan also attended the meeting. The discussion covered EU sectoral support, jointly implemented programs and initiatives, economic diversification, export market expansion, aligning quality infrastructure with international standards, and deepening cooperation in food security, the press service of Armenian Ministry of Economy reported The interlocutors discussed possibilities for attracting EU investments ...
11/05/2024"Not Armenian cognac, but brandy": Economy Minister discusses Armenia's new positioning
... use the term 'cognac' because it is a geographical name (referring to one of the provinces of France), and it can no longer be applied in international markets. "In 2023, thanks to assistance programs, 11.4 million liters of grape alcohol were exported. Similar figures have been recorded this year. When the export volume exceeds 100,000 liters, we provide 100 drams per liter as support, effectively reimbursing the amount of the duty paid," Papoyan stated. "Armenian Prime Minister ...
11/04/2024Armenia and Azerbaijan may switch to simplified customs and transit procedures in case of border unblocking
... the border is unblocked, said Rustam Badasyan, head of the Armenian State Revenue Committee. "This means that we can exchange a lot of information with each other in advance. For example, our experience with Georgia has shown that if we send our export data ahead of time and they send theirs, the import procedure is actually simplified because certain information is already available," Badasyan said during discussions of the draft 2025 state budget in parliamentary committees. He noted that ...
11/04/2024Armenia's state budget - 2025: Former Finance Minister assesses risks of main financial document
... potential and expectations of economic entities. Economic structure As the former minister noted, the main financial document of the country shows the leading non-taxable sectors of the economy - capital construction, trade, which in comparison with export industries bring less tax revenues. ‘’Performance of the budget for 9 months already shows under-fulfilment of tax revenues by about 150 billion drams,‘’ Aramyan stressed. In this regard, he noted that if fundamental sectors of economy ...
11/04/2024Armenia subsidizes 50% of companies' expenses for certifying goods for export to foreign markets
Armenian Economy Minister Gevorg Papoyan announced that the state will subsidize 50% of the costs incurred by Armenian companies for certifying goods intended for export to foreign markets. YEREVAN, November 1. /ARKA/. Armenian Economy Minister Gevorg Papoyan announced that the state will subsidize 50% of the costs incurred by Armenian companies for certifying goods intended for export to foreign markets. "If ...
11/01/2024Pashinyan believes that Armenian 'cognac' should be called brandy, not cognac
... government session on Thursday, Pashinyan embarked on a lengthy discussion on the origin of words 'champagne' and 'cognac.' 'Champagne or cognac were originally not just drinks, but geographical names of provinces in France, and part of the problems Armenian exporters of these drinks face are related to this,' he said. He said that champagne is not just sparkling wine, but sparkling wine that is produced from grapes grown in the French region of Champagne. ‘The same is true for cognac. Cognac is also the ...
10/31/2024Russia may extend petrol export ban
The Russian government is not yet ready to lift the ban on petrol exports, several Kommersant daily’s sources in the oil industry claim. YEREVAN, 31 October. /ARKA/. The Russian government is not yet ready to lift the ban on petrol exports, several Kommersant daily’s sources in the oil industry claim. According ...
10/31/2024In January-September, Armenia's exports grew by 2.1 times, imports - by 2.5%, but there are nuances - Minister
Speaking at a parliamentary discussion on the 2025 draft budget Finance Minister Vahe Hovhannisyan recalled that a 2.1-fold increase in exports was recorded in January-September 2024. YEREVAN, 28 October. /ARKA/. Speaking at a parliamentary discussion on the 2025 draft budget Finance Minister Vahe Hovhannisyan recalled that a 2.1-fold increase in exports was recorded in January-September ...
10/28/2024EDB highlights key sectors driving economic growth in Armenia
... services sector saw a notable acceleration in activity (+11.6% y/y, up from 9.5% in August), as did industry (+4.6% y/y, up from 2.1% in August). The report also highlights that growth in foreign trade and precious metals processing continued to bolster export (up 2.1 times) and import indicators (+54.2% y/y) at robust levels. Figures and forecasts for the Armenian economy Armenia's economic growth in the state budget for 2024 is envisaged at 7%. The Central Bank of Armenia expects the country's economic ...
10/28/2024Iranian market will open for main part of Armenian exports: minister
As part of the Free Trade Agreement between Iran and Eurasian Economic Union (EEU) member states, the Iranian market will open for a substantial portion of Armenian exports, Economy Minister Gevorg Papoyan said today. YEREVAN, 25 October. /ARKA/. As part of the Free Trade Agreement between Iran and Eurasian Economic Union (EEU) member states, the Iranian market will open for a substantial portion of ...
10/25/2024Armenia exported 2,500 tons of potato this year- minister
Armenian has turned from a potato importer to an exporter of the agricultural produce, Economy Minister Gevorg Papoyan said on Wednesday. YEREVAN, October 24, /ARKA/. Armenian has turned from a potato importer to an exporter of the agricultural produce, Economy Minister Gevorg Papoyan said on ...
10/24/2024Re-exports of gold and jewelry was key drivers of Armenian export growth in August- WB
Despite being on the decline, re-exports of gold and jewelry remained key drivers of export growth in August, the World Bank says in its ‘Armenia Monthly Economic Update – October 2024’. YEREVAN, 22 October. /ARKA/. Despite being on the decline, re-exports of gold and jewelry ...
10/22/2024Converse Bank and Kapitalbank sign cooperation agreement at Sibos 2024
... ‘This is an important step for both Converse Bank and its partners, representing a significant document aimed at expanding international cooperation in key areas: · Financing of foreign trade transactions, and support for clients in export and import matters; · Cooperation in financial markets, including joint operations in currency and money markets. With this partnership, the Bank expands its international network of partnerships, providing its clients with new opportunities ...
10/22/2024EBRD and Ernst & Young to conduct study on competitiveness of small and medium-sized companies in Armenia
... Economy said. By identifying critical growth factors and possible obstacles, the study is expected to contribute to the development of policies and assistance programmes to improve the sustainability and productivity of Armenia's SMEs and expand their export markets. As a result, the feasibility of establishing an SME Competitiveness Centre will be considered. Its functions will include support for the sector, knowledge sharing and strategic development in response to the changing needs of SMEs. -0-
10/16/2024Armenia's foreign trade slows down to $21.7 billion in 8 months
....3%), Belgium ($124.1 million, up 29.1%), the Netherlands ($113.2 million, down 54.5%) and France ($102.2 million, down 5.6%). Trade with UAE grew to over $4.3 billion, growth of 6.8 times, trade with China upped to $1.9 billion, growth of 37.7%. Export Export from Armenia for the first eight months of 2024 compared to January-August 2023 increased by 2.1 times, amounting to about $9.7 billion. Exports to Russia amounted to over $1.9 billion, a decline of 19.5% y/y. Exports to the EU countries ...
10/07/2024Creation of common energy market to help develop Armenia's economy and security - Deputy Minister
... advantages. "This will bring several advantages to our energy system. Firstly, the cost per kWh will be significantly lower than the current one. Energy security will be higher, and the economy will develop, as there will be an endless opportunity to export electricity," the deputy minister said. Varadanyan noted that Armenia currently consumes 7 billion kWh of electricity and can produce the same amount for export. "This means that now we are paying for capacities, but they are idle, ...
10/01/2024Foreign trade turnover of $700 million with Iran doesn’t suit Armenia: the goal is $1 billion - Papoyan
... turnover of $1 billion with the prospect of increasing it to $3 billion stated Armenian Economy Minister Gevorg Papoyan. "The foreign trade turnover between Armenia and Iran last year amounted to approximately $700 million. During this time, exports from Armenia to Iran amounted to almost $100 million, and imports - $600 million. These figures indicate the positive dynamics of relations between our countries. Important sectors such as agriculture, industrial products and the food industry ...
09/30/2024Armenia considers possibilities of Iranian port of Chabahar - Papoyan
... international transport corridor "North-South". “Within the framework of the “Crossroads of Peace” initiative, Armenia is considering a project to carry out activities in the Iranian port of Chabahar, aimed at creating new routes for the export and import of goods from Armenia,” Papoyan said on Monday at a meeting with a delegation led by Iranian Minister of Industry, Mines and Trade Seyyed Mohammad Atabak. On Monday, Armenian Deputy Minister of Economy Narek Hovakimyan and Iranian ...
09/30/2024Armenia's agricultural trade turnover with the EAEU increases by 7.3% in 8 months - Ministry of Economy
... important thing for us, and especially when we talk about "perishables", these problems still remain. Many projects are being implemented in Armenia that accelerate all these processes, but so far we see that this does not really apply to the export of "perishables" from Armenia," he added. According to operational statistics, the volume of foreign trade turnover of Armenia in January-August 2024 amounted to $22.6 billion, which is 70.9% more than the figure for January-August ...
09/30/2024Third Eurasian Economic Forum starts in Yerevan
... heads of large, medium and small businesses of the member states and third countries, high-ranking officials of the member states, heads of government bodies of the EAEU countries, representatives of scientific and educational organizations, stimulating export potential, forming cooperative ties between economic entities and achieving a synergistic effect with a comparison of investment and innovation potential. The forum's business program includes about 30 events. The main topics are identifying ...
09/30/2024EBRD keeps Armenia's economic growth forecast for 2024 at 6.5%, but points to risks
... construction sectors maintained their growth momentum. However, growth in the service sector subsided markedly as migration of high-skilled Russian ICT professionals waned and capital inflows significantly moderated. As a result, remittances and net export of services declined. Nonetheless, the current account deficit remained broadly stable due to the exceptional increase in exports and imports of precious stones and robust inflows of secondary income related to refugees. Despite the temporary pressure ...
09/26/2024World Bank named the key factor in exports from Armenia in July
Re-exports of gold and jewelry remained a key driver of Armenia’s export growth in July, according to the World Bank’s “Armenia Monthly Economic Update – September 2024”. YEREVAN, September 24 /ARKA/. Re-exports of gold and jewelry remained ...
09/24/2024Armenia to host 3rd Eurasian Economic Forum, marking 10 years of EEU
... businesses from member states and third-party countries. The event will also bring together high-ranking officials, government leaders from EEU member countries, and representatives of academic and educational institutions. A key focus will be boosting export potential, fostering cooperative ties among economic entities, and achieving synergy by comparing investment and innovation capacities. The forum's business program will include about 30 events, covering the most pressing and widespread issues ...
09/12/2024Armenia wants to introduce fines for exporting sensitive goods to the EEU by air
The Economic Affairs Committee of the Armenian Parliament has unveiled today a set of draft amendments to the Administrative Code, which, if approved, will introduce fines for the export of sensitive goods to the Eurasian Economic Union (EEU) member states by air. YEREVAN, 4 September. /ARKA/. The Economic Affairs Committee of the Armenian Parliament has unveiled today a set of draft amendments to the Administrative ...
09/04/2024Armenian government approves new conditions for agri-food sector development
... the technological capabilities of businesses operating within the agri-food sector. Papoyan highlighted that the project intends to improve the quality and safety standards of the products, boost the competitiveness of domestic goods, and explore new export markets for diversification. Currently, Armenia has a government decision from 2018 that provides leasing support for acquiring equipment in the agri-food sector. Under this program, the total lease transaction amount should not exceed 1 billion ...
08/29/2024Armenia submits application to join civil nuclear technology pact with US
... on what they called “the internal process for U.S. government negotiations with other countries,” including a timeline for a final decision. Under federal law, the U.S. government must sign what are known as Section 123 Agreements before it can export nuclear equipment or materials to other countries. The United States already has such deals with 48 countries and territories, according to a State Department fact sheet last updated in 2022, but those agreements do not cover Armenia. This marks ...
08/22/2024Global recession or just an adjustment: what awaits Armenia amid the "storm" in the world stock markets
... overheated. "Especially the exchange rate of the dram is overvalued. And this, of course, can lead to a fall in the exchange rate and a number of other negative consequences and, as a consequence, to the collapse of the construction market and a fall in exports. These are quite real prospects, if the global crisis does start," he said. The economist also drew attention to additional risks related to geopolitics and Russian-Armenian relations.. "We see that they are already manifested in the ...
08/07/2024Armenia's foreign trade doubles in first half of 2024 to over $18.4bn.
... China ($1.4 bln, 41.9% growth), Iran ($323 million, down 6.8%), USA ($234 million, down 40%), Georgia ($131.7 million, up 2.7%), Iraq ($87.6 million, down 13.1%), Switzerland ($85.3 million, up 44%) and Republic of Korea ($66.7 million, down 28.8%). Exports Exports increased 2.3 times, to about $8 billion. Exports to Russia fell by 21% to $1.4 billion. Exports to the European Union decreased by 25.1% to $282 million. The first three countries in terms of exports were the Netherlands ($56.6 million,...
08/06/2024EDB report highlights economic growth risks for Armenia due to sector concentration
... macroeconomic forecast. While the baseline scenario projects GDP growth of 7.5% in 2024 and 4.2% in 2025, significant risks remain. The EDB report attributes Armenia's impressive economic performance in the first half of 2024 mainly to increased production and export of jewelry. However, the report warns that if this growth driver proves short-lived, the economy could face a much slower growth rate than projected. Other risks include a potential slowdown in the global economy and in major trading partner countries....
08/05/2024Armenia to start exporting small cattle to Iraq
Export of small horned cattle from Armenia to Iraq has become possible by transit through the territory of Iran, the Armenian government's Food Safety Inspectorate said after negotiations with Iranian officials. YEREVAN, 1 August. /ARKA/. Export ...
08/01/2024Aragats military electronics manufacturer looks to export produce
... on designing, developing, and producing military electronic devices such as thermal imagers and sights for anti-tank missile systems YEREVAN, August 1. /ARKA/. Aragats, an Armenian manufacturer of electronic devices for military use, is exploring export opportunities for its products. Director Hovhannes Gharibyan discussed these prospects with Armenia's Minister of High-Tech Industry, Mkhitar Hayrapetyan, during his visit to the company's production facility. Hayrapetyan familiarized himself with ...
08/01/2024Investments in sports and fashion: how to convert emotions into money
... professionals (players and teams) and fans. - Specific drugs for professional athletes: the potential of an entire market segment is increasing - promising start-ups are emerging, and major pharmaceutical companies are working on new products. - ‘Export’ of sports (popularisation of new sports, formats and tournaments) to developing countries. - Blockchain technology: the ability to acquire assets, such as collectibles in a new form (via tokens). Fitness Fitness is a related field to sports....
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