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Armenia, Russia keen to deepen economic cooperation

Armenian Prime Minister Nikol Pashinyan and Russian President Vladimir Putin today hailed the results of the work aimed at bringing the trade turnover between Armenia and Russia to the path of sustainable growth.

The need for further diversification of the categories of trade, further progressive growth of volumes, the development of cooperation in various spheres of production, the active implementation of the mechanisms of the Eurasian Economic Union were stressed.

An agreement was reached to encourage the establishment of close ties between the business circles of the two countries, including through interregional and local self-government platforms, through the application of business mission mechanisms, the leaders of the two countries said in a joint statement.

The work done to finalize the economic cooperation program between the Government of the Republic of Armenia and the Government of the Russian Federation for 2022-2025 was positively assessed.

The high demand and efficiency of the Intergovernmental Commission on Economic Cooperation between the Republic of Armenia and the Russian Federation, as well as the Working Group on Industry in terms of elaboration and implementation of bilateral practical arrangements were underlined. Mutual interest was expressed in holding permanent industrial exhibitions in the territory of Armenia, including, with the emphasis on cooperation in the field of high technologies.

The Parties welcomed the intention of the Russian economic operators to create a complete, modern production cycle in Armenia, expressed interest in the development of the field of energy, including the development of renewable energy programs based on the principles of energy security and independence, caring attitude for the nature and sustainable development.

It was decided to further facilitate the flow of Russian investments to Armenia. It was emphasized that the Russian economic operators are among the main taxpayers of the Republic of Armenia, ensure the creation of a significant number of jobs, expand the opportunities for professional training of the staff.

The parties noted with satisfaction the work of the Parties on the establishment of the Armenian-Russian Business Council with the aim of expanding ties between the two countries’ regions, strengthening business ties, establishing joint ventures and intensifying investment dialogue.

The interlocutors reaffirmed their readiness to expand cooperation in the field of use of nuclear energy for peaceful purposes, welcomed the extension of the term of operation of the Armenian NPP, expressed their intention to work out the construction of new power units.

The effective joint work aimed at the consistent establishment of common market of
energy resources within the Eurasian Economic Union was emphasized.

The parties expressed intention to promote the deepening of practical cooperation between the regions of Armenia and Russia, including through the implementation of the mechanism of annual interregional conferences, supported the comprehensive implementation of the Interregional Cooperation Program 2022-2027 between the Government of the Republic of Armenia and the Government of the Russian Federation, the establishment of cross-links between the regions and municipal units.

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