The trade turnover between Russia and Armenia during 2016-2021 has increased by almost two times, from $ 1,35 billion to $ 2,6 billion, Russian Deputy Prime Minister Alexei Overchuk said in an interview to Rossiyskaya Gazeta daily.
He said that this growth is very balanced as both the export from Russia to Armenia and vice versa has almost doubled. This growth in trade became possible thanks to Armenia’s joining the Eurasian Economic Union in 2015, he stated.
“More than 40 Russian major companies work in Armenia. They are also large taxpayers, in other words, they ensure the revenue part of the country’s budget to a great extent.
We are interested in developing the mutual trade and investments also in the future. The Russian business is ready to propose effective development solutions in transportation, energy, social infrastructure and digital economy fields. For Armenia, our decisions in the field of providing digital public services to the citizens could be interesting”, he said.
Armenia’s economic growth, the growth in mutual trade between Russia and Armenia and overall integration achievements are taking placed in conditions of the country’s multi-year transportation blockade, Overchuk said. Therefore, the prospects of overcoming the transportation isolation in the region, unblocking the economic and transportation ties will be a strong impetus for the development of both Armenia, as well as the South Caucasian and nearby countries, including Russia, he stated.
“According to our estimates, the flow of Russian investments [to Armenia] could comprise up to $ 5 billion dollars. These are first of all the programs relating to energy, transportation and logistics, industry and processing industry areas. As a result new jobs, as well as many small and medium enterprises will be created.
As a result of unblocking, the positive effect on the economy of Armenia is obvious and it even could mean more than the just effect of the “first integration wave”. Only in the first year of joining the EAEU, the mutual trade of Armenia and the Union’s states has increased by almost 54%”, Overchuk said.
The Russian Deputy PM added that in the first year of the EAEU membership, a drastic growth has been registered in Armenia’s all export products, as well as new fields have been developed.
“For example, the creation of the single market of medicines enabled Armenia to multiply the export of medicines to the Union’s market. The volume of cargo transportation has also increased. Armenia understands quite well that the further economic growth is restrained by the transportation blockade. Today we are one step short of getting rid of it,” he said.
