YEREVAN, SEPTEMBER 29, ARMENPRESS. The Free Trade Zone agreement which will be signed soon between Singapore and the Eurasian Economic Union will create new opportunities for business, Prime Minister of Armenia Nikol Pashinyan said during a joint press conference with Prime Minister of Singapore Lee Hsien Loong in Yerevan.

“This agreement is about new opportunities and conditions being created for business in terms of investments and trade. These kinds of visits are a way to mutually draw our investors’ attention on engaging in activities in Singapore and Armenia. I think that Armenia has lots to offer to Singapore, and Singapore has lots to offer to Armenia. Great opportunities for exports exist. We are doing everything to draw attention, we cannot force businessmen to invest somewhere, we can do the maximum for these investments to be advantageous,” PM Pashinyan said.

PM Loong noted that PM Pashinyan’s visit to Singapore earlier in July significantly contributed to the signing of the agreement.

“Armenia has in many ways acted as an impetus for this agreement to be signed. It will reduce the tariff obstacles of trade. As of this moment the turnover volume between Armenia and Singapore is small. Partly this has a historic reason because we haven’t had much contact in the past. I am hopeful that when the volumes will increase and ties will grow it will give us the chance to do more together,” PM Loong said.

Singapore and the Eurasian Economic Union will sign a Free Trade Zone Agreement on October 1 in Yerevan during the Eurasian Economic Union summit.

Edited and translated by Stepan Kocharyan