Opening of highways, railroads between Armenia, Azerbaijan to attract $4.5-$5 bln investment from Russia for Armenia - Deputy PM Overchuk
MOSCOW. Sept 19 (Interfax) - The opening of highways and railroads between Armenia and Azerbaijan will create conditions for the inflow of about $4.5-$5 billion of Russian investment to the Armenian market, Russian Deputy Prime Minister Alexei Overchuk said at the 9th Russian-Armenian Interregional Forum.
"We are sure that the unblocking of transport links in the region stipulated by the trilateral agreements of our leaders will open new opportunities for Armenia's economic development and the inflow of new investment here. According to our estimates, the opening of railroads and highways between Armenia and Azerbaijan will create prerequisites for the inflow of about $4.5-$5 billion of Russian investment to Armenia. We have an understanding of what those projects could be and we have long discussed them with our businesses," he said in his speech, the transcript of which was published on the governmental website.
He said Russia is Armenia's leading foreign trade partner. Between January and July 2022, the trade turnover between Russia and Armenia reached $2 billion, an increase of nearly 50% against the same period of 2021. Russia's exports to Armenia during the period amounted to $1.4 billion, an increase of 40.5%. Russia's imports from Armenia increased by 66.3%, amounting to $0.6 billion.
"We are actively developing investment cooperation. The total volume of accumulated Russian investment accounts for almost 40% of the total volume of foreign investment in the Armenian economy and it is about $2 billion. More than 40 major Russian companies are operating in Armenia. Some of them are the biggest taxpayers here. They are Gazprom Armenia CJSC, GeoProMining Gold LLC, MTS Armenia CJSC, Russian Railways Company and Rosatom," Overchuk said.
Russia intends "to further enhance Russian-Armenian cooperation in the energy sector, including nuclear power, the mining industry, transport and logistics, and high technologies," he said.