Iranian Investors Are the Second Largest Foreign Investors in Armenia, Only Behind Russia, Says Kherobian

Iranian investors are the second largest foreign investors in Armenia, surpassed only by Russia. This was announced by the Minister of Economy of Armenia, Vahan Kherobian, at the exhibition titled "Free Economic Zones of Iran."

“In the first half of this year alone, about 300 Iranian companies have opened in Armenia. I believe this is a good pace, but we have the opportunity to further increase it,” he emphasized.

The exhibition showcased seven free trade zones of the Islamic Republic of Iran. Approximately 60 companies from Iran and around 50 companies from Armenia presented their products related to industry, agriculture, and tourism.

According to the minister, the aim is to invigorate bilateral trade turnover. Despite the fact that trade turnover between Armenia and Iran has doubled in the past two years, the Armenian Minister of Economy believes that the growth rate is slowing down, and new opportunities should be found to achieve the target set by the leaders of both countries, which is $3 billion.

“Currently, we are at a pace of about $800 million, which is significantly less than what the leaders of the countries had outlined. We see that cooperation through free trade zones will give new momentum to bilateral trade turnover and increase collaboration, which will enhance the pace we currently have,” Kherobian assured.

He noted that through today's exhibition, it was possible to discover new possibilities for Iranian investors in Armenia and vice versa.

The minister reminded that there is a temporary free trade agreement between Armenia and Iran that will soon be signed in its final version. “Armenia, being the only land connection between Iran and the EAEU, is very interested in the signing of this agreement, which should allow for Armenia's role in expanding relations between Iran and the EAEU,” he stated. Currently, positions are being finalized between the EAEU countries, after which the agreement will be signed.