Unlocking of Roads Will Create Conditions for $4.5-5 Billion Russian Investments: Ovechuk

The opening of automotive and railway communication will create prerequisites for the inflow of $4.5-5 billion in investments from Russia. This was stated by Russian Deputy Prime Minister Alexey Ovechuk.

Ovechuk made this announcement at the Armenian-Russian interregional conference held in Yerevan. He noted, "The unblocking of transport connections in the region, which is envisaged by the trilateral agreements of our countries' leaders, will open new opportunities for the economic development of Armenia and the inflow of new investments. We have been envisioning what projects could emerge, and have been discussing them with our businesses for a long time."

He recalled that Russia remains Armenia's leading foreign trade partner, with the trade turnover between the two countries reaching $2 billion from January to July 2022, an increase of nearly 50 percent compared to the same period in 2021. Exports from Russia to Armenia amounted to $1.4 billion, marking a 40.5 percent increase, while exports from Armenia to Russia totaled around $600 million (up 66.3 percent).

Ovechuk emphasized, "The total volume of accumulated Russian investments constitutes nearly 40% of the total foreign investments in Armenia's economy, which is about $2 billion. More than 40 major Russian companies operate in Armenia. Some of these are the largest taxpayers here, including Gazprom Armenia LLC, Geopromining Gold LLC, MTS Armenia, Russian Railways, and Rosatom LLC."