Armenian PM: Russian companies play core role in many sectors of Armenia’s economy

Russian and Armenian Prime Ministers Dmitry Medvedev and Tigran Sargsyan will meet in Sochi after the closing ceremony of the Olympic Games.

Russia ranks first among investors in the Armenian economy, with Russian companies play core role in many economic sectors, Armenian Prime Minister Tigran Sarkisyan said.

“First and foremost, Russia is our number one investor: in terms of investments [in Armenia], Russia ranks first, leaving behind the European Union and the United States,” Sargsyan said in an interview with Itar-Tass. “Secondly, Russian companies are playing a core role in many economic sectors.”

According to the Armenian Prime Minister, agreements that were reached by Russia and his country in December 2014 were being implemented. These agreements were ratified by the parliament and came into effect.

“First of all, they concern the energy sector and our relations with Gazprom on pricing formulas on Russian natural gas for the next five years, which guarantee stable and predictable in terms of price gas supplies to Armenia,” Sargsyan said. “It is of principal importance for us that this regime is already being used for our country, although it was initially planned that it would be used after Armenia’s joining the Customs Union [of Russia, Belarus and Kazakhstan]. The Russian side made a concession to us and this pricing regime, which provides for reduced gas prices for member countries of the Customs Union, is already pallicable to Armenia.”

“Apart from that, we have already received first fuel supplies from Rosneft, which will also help Armenia not to increase fuel prices. Moreover, there might be downwards tendency, instead,” he stressed.

Talks are underway with Russia’s Gokhran [State Precious Metals and Gems Repository] on supplies of diamonds to Armenia, he noted.

As concerns the investment sphere, it is cooperation in the free trade zone on the basis of Yerevan’s Mars works of master controllers. All necessary normative documents and contracts with the managing company were signed and implemented last year, he said.

Two business projects have already been endorsed by the Armenia government, Sargsyan said, adding that he was “glad that Armenia’s first tablet computers and telephones will be manufactured in this free trade zone.”

Russian Prime Minister Dmitry Medvedev and Tigran Sargsyan will meet in Sochi on February 24, a day after the closing ceremony of the XXII Olympic Winter Games, which the Armenian premier is going to attend at the Russian side’s invitation.

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