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Russia is a key player for the Armenian economy — PM Pashinyan

Nikol Pashinyan stated that Armenia was interested in deeper rapprochement and mutual integration of Armenian and Russian economies, which should be based on free movement of commodities, services, labor and money

YEREVAN, October 19. /TASS/. Russia not only plays a vital role in maintaining peace and stability in the South Caucasus but also occupies a key place in the Armenian economy, Prime Minister of Armenia Nikol Pashinyan said in a statement for the Eighth Armenian-Russian Interregional Forum on Tuesday. It was read by Deputy Prime Minister Mher Grigoryan.

"Russia not only plays a vital role in maintaining peace and stability in our region but also occupies a key place in our country's economy. Russia is Armenia's main trade partner. In 2019, our bilateral trade surpassed the $2 billion mark, and we have already seen double-digit growth in trade turnover this year," the statement said.

Pashinyan also stated that Armenia is interested in deeper rapprochement and mutual integration of Armenian and Russian economies, which should be based on free movement of commodities, services, labor, and money.

"We believe it is critical to continue to converge and integrate our economies, which should be based on the free movement of commodities, services, labor, and capital. In turn, the Eurasian Economic Union supports this strategic purpose, and we are interested in strengthening and developing its institutions. It is also clear that we need to diversify our business ties," Pashinyan wrote.

According to Pashinyan, Russia is also a leader in terms of investments in Armenia and plays an exceptional role in developing the country's infrastructure. "Among the recent investments, we would like to highlight technology transfer for manufacturing the Sputnik Light vaccine, which is extremely vital for our country in the fight against the pandemic," he said.

Earlier, Russian President Vladimir Putin, in his greeting to the forum participants, said that Russia and Armenia have allied relations, real political communication, and beneficial collaboration in numerous spheres. The Russian president stated that the summit would kick off new efforts that will help to strengthen the productive collaboration and support integration processes in the Eurasian space.