PM Pashinyan highlights Russia’s role in Armenian economy

The Russian Federation not only plays a key role in maintaining peace and stability in our region, but also plays a central role in our country’s economy. Russia is Armenia’s leading trade partner, Armenian Prime Minister Nikol Pashinyan said at the opening of the Armenian-Russian Interregional Forum in Yerevan.

“In 2019, our trade turnover exceeded the threshold of $ 2.0 billion, while this year we have already recorded a double-digit trade growth,” the Prime Minister noted.

He noted that Russia is also a leader in terms of investments in Armenia, and has an exceptional role in the development of our country’s infrastructure.

“Among the recent investments, it is necessary to point out the technology transfer for the release of the Sputnik Light Vaccine, which is particularly important for our country in the light of the fight against the pandemic,” PM Pashinyan noted.

“The level of economic cooperation between our countries corresponds to the requirements stemming from the nature of the allied relations, but it does not mean fixing a static situation, on the contrary, it requires constant work, development and improvement.

The world is changing rapidly, and our relations must meet the demands coming from those changes,” he added.

“We need to improve our economic relations so that they contribute to the development of competitive economies in our countries. In the context of what I said, we highlight the further rapprochement and mutual integration of our economies, which should be based on the free movement of goods, services, labor and capital. The Eurasian Economic Union, in turn, serves that strategic goal, and we are interested in strengthening that structure and improving its institutions. The imperative of diversification of our economic ties is also obvious,” the Prime Minister stated.

In addition to the traditional areas, he stressed the need to find ways to further develop cooperation in the fields of high technology, innovation and knowledge-based economic sectors.

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