By Eva Sahakyan

YEREVAN, August 19–Russia is a very important commercial and economic partner for Armenia, and it’s the main investor in Armenia and the main outlet for Armenian products, said Edward Nalbandian, the Minister of Foreign Affairs of Armenia, during his interview with the Russian TV channel “Russia 24.”

He also mentioned that today Russian investments to Armenia amount to $2.75 billion.

According to the Armenian National Statistical Service, during the first half of 2010 Armenia’s foreign trade turnover with Russia increased by 13.4 percent compared to the first half of 2009. The volume of exports to Russia amounted to $57.1 million (increase by 39.3 percent) and the volume of imported Russian products amounted to $389.9 million (increase by 10.4 percent).

According to Nalbandian, Armenian Russian cooperation is becoming very strong in the fields of energetics, transport, mining industry, innovation technique and others.

The minister also mentioned that there are about 200 agreements signed between Armenia and Russia, new ones are being prepared and the old ones are being updated. He added that they are doing their best for the development of stronger Armenian Russian economic relations.

Yerevan Report