Armenia Focuses on Economic Diversification Amidst Strong Ties with Russia

Armenia's Minister of Economy, Vahan Kerobyan, has emphasized the importance of diversifying the country's economic relations while maintaining strong trade ties with Russia. In a recent statement, Kerobyan highlighted the government's efforts to expand Armenia's economic reach beyond traditional partners.

Kerobyan addressed concerns regarding customs inspections affecting Armenian brandy exporters in Russia, stating that the issue had been resolved. He assured that there are currently no obstacles in the Armenia-Russia exports process. He underlined the significance of trade relations with Russia while stressing the government's commitment to exploring economic opportunities in other regions.

"Trade relations with Russia are very important to us, and we are developing them. But we are also spending significant efforts, resources, and time to diversify our foreign economic relations in other directions as well," stated Kerobyan.

The minister highlighted notable achievements in Armenia's economic diversification efforts. He revealed a tenfold increase in mutual trade with the United Arab Emirates (UAE) over the past 2-3 years, with turnover exceeding 1 billion dollars. Kerobyan confidently predicted this volume would reach 2 billion dollars soon.

Armenia is also on the brink of surpassing 1 billion dollars in bilateral trade turnover with Germany and the United States. Additionally, trade relations with France are experiencing significant growth, indicating Armenia's successful economic outreach.

To further enhance Armenia's global economic presence, Kerobyan announced the country's participation in major international exhibitions. Armenia will showcase its economic potential at one of the largest exhibitions in China in November this year. The country is also set to participate in a significant event in the UAE in February 2024. These exhibitions will provide Armenia with the opportunity to forge new partnerships and explore diverse economic prospects on the global stage.