Trade turnover between Armenia and Russia increased by 60 percent in the first eight months of 2022

YEREVAN, OCTOBER 21, ARMENPRESS. Trade turnover between Armenia and Russia increased by 60 percent in the first eight months of 2022, ARMENPRESS reports, Minister of Economic Development of Russia Maxim Reshetnikov at the Ministry of Economy.

According to him, transfers increased to 2.4 billion dollars in January-July, which is five times more compared to last year.

"We have examples of successful cooperation in a number of fields, including energy, finance, pharmaceuticals, engineering and other fields. There are concrete proposals for the development of the gold mining plant, the metro. A project to create a joint venture for the production of building materials and pharmaceuticals in Armenia is being considered," he said.

The Minister of Economic Development of the Russian Federation also mentioned that Armenia and Russia are long-term strategic partners.

"We highly appreciate the interest of Armenian entrepreneurs in the Russian economy. Our business environment is ready to expand its presence in Armenia. We are ready to continue our joint initiatives, start new ones, develop trade relations," he said, adding that now is a very favorable period for investments, there are more opportunities.

"Russia has long learned to live and develop in the presence of sanctions. Our domestic market and foreign economic ties are adapting to the current situation and our economy is currently enduring unprecedented pressures. Despite this, we managed to maintain our financial and currency stability," the minister emphasized.

It should be admitted that sanctions open up new opportunities for the business of partner countries.