Armenia can become unique regional hub of electrical energy – Pashinyan at Eurasian Congress

YEREVAN, JUNE 9, ARMENPRESS. Armenia can become a unique regional hub of electrical energy, Prime Minister Nikol Pashinyan said at the Eurasian Congress in Sochi.

“The economic growth and activity indexes of Armenia create a favorable foundation for highly optimistic forecasts for both the current year and foreseeable future,” Pashinyan said, noting the “impressive” economic growth of Armenia.

GDP growth comprised 12,6% compared to 2021.

“This is the highest indicator since 2008,” he said, referring to the GDP growth.

“The growth in manufacturing, trade, including trade services and construction also contributed to this,” Pashinyan added.

Exports grew 77,7% in 2022, while exports to EEU countries tripled.

“Sustainable growth is only possible in case of balance of the three main components, economic growth, social responsibility and environmental balance. Eurasia has huge potential for economic growth, and we must jointly carry out major projects in energy, digitization, logistics, climate agenda and other areas of mutual interest,” PM Pashinyan said.

The Armenian Premier said logistic security is among the most important factors for the development of economies in EEU countries. He added that ensuring energy security requires literate approach.

“Based on the current geopolitical realities, we need a new approach for energy agenda. Armenia is currently working in the direction of gradual liberalization of the electrical energy market, which creates new opportunities and favorable conditions for interstate electrical energy trade. We are developing our output capacity, carrying out major reconstruction of substations and transmission lines, the construction of the Armenia-Iran and Armenia-Georgia high-voltage lines, which contribute to the formation of the North-South electrical energy route and create new opportunities for electrical energy exports, imports, transit and seasonal exchange. Thus, Armenia can become a unique regional hub of electrical energy,” Pashinyan said.