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On September 20, a delegation of representatives of the business circles of the Russian Federation led by Deputy Prime Minister Alexei Overchuk visited the Republic of Armenia (Yerevan).

Working visit of Alexey Overchuk to the Republic of Armenia

During the visit, Alexey Overchuk was received by the Prime Minister of the Republic of Armenia Nikol Pashinyan, with whom he discussed the development of Russian-Armenian cooperation in the trade and economic sphere.

As part of the business mission of Russian companies, organized by the state corporation VEB.RF, the Deputy Prime Minister took part in the round table “Russian-Armenian economic cooperation. Prospective Projects “.

The Vice Prime Minister stressed that the activities of representatives of Russian and Armenian business is one of the foundations of trade and economic relations between the two countries. He drew attention to the positive indicators of mutual trade (the growth of trade between the Russian Federation and the Republic of Armenia in January-July 2021 amounted to 17.2% compared to the same period in 2020) and pointed to a serious potential for increasing the pace of mutual trade and investment.

“Russian and Armenian entrepreneurs have support from government bodies of both the Russian Federation and the Republic of Armenia, the opportunity to use the tools of Russian development institutions – VEB.RF, REC, to expand business opportunities. Our country can offer effective solutions for the development of transport, energy, social infrastructure, as well as the implementation of promising projects in the Republic of Armenia and the Caucasus in general, ”said the Deputy Prime Minister.

Alexey Overchuk urged the business circles of Russia and Armenia to consider the possibilities of cooperation that are opening up both in traditional spheres, such as mechanical engineering, transport and fuel and energy complex, and in infrastructure projects, the development of digital technologies, noting the efforts made to create comfortable conditions for their implementation Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Armenia.

“We hope that following today’s event, we will have new joint projects that will make it possible to take a serious step in the further development of bilateral relations,” the Deputy Prime Minister said.

Alexey Overchuk also took part in the opening ceremony of the Armenian Business Forum 2021. In his speech, he emphasized the strategic nature of cooperation between the Russian Federation and the Republic of Armenia in bilateral and multilateral formats.

“Despite the pandemic, Russia has retained the status of Armenia’s leading trade partner and provides almost a third of the republic’s foreign trade turnover. Since Armenia’s accession to the Eurasian Economic Union in January 2015 and before the pandemic, we have seen a twofold increase in mutual trade, from $ 1.3 billion to $ 2.5 billion, “the Deputy Prime Minister said. In order to increase Russian-Armenian trade and investment interaction, the development of a new strategic intergovernmental document for the medium term – the Program of Economic Cooperation until 2025, which will fix the main directions of bilateral cooperation, has been started. “These will be specific events by industry, all of this will be taken into account in the Action Plan, which we will form, first of all, together with the business communities of our countries,” said the Deputy Prime Minister.

Speaking about the issues of multilateral cooperation, Alexey Overchuk emphasized effective interaction within the EAEU, noting that the Russian Federation and the Republic of Armenia are in a constructive dialogue on the most pressing issues of development and integration of the Union. The countries also act from a common position on digitalization in the EAEU. Joint digital projects have been launched, the first of which was the “Traveling without COVID-19” mobile application. “The project is successfully developing, and countries outside the union are already participating in it, and the total number of PCR test results uploaded to the application has exceeded 1 million. At the same time, our project has become the first digital project of this kind launched within the framework of regional integration associations.” , – he said.

The Deputy Prime Minister noted that the EAEU is switching to electronic document management, ensuring the introduction of digital traceability of goods. “The digitalization of trade makes it as easy as possible to access the union market, and also increases the efficiency of the administration of customs and tax payments. To fully use the logistics potential of the union, we are starting to implement an ecosystem of digital transport corridors. The total expected effect of its implementation will amount to USD 1.5–2 billion. In the countries of the union, we are also launching a digital project “Work without Borders”, which will allow workers of our countries and employers to quickly find each other and is already beginning to show a positive effect for the business community, “said the Deputy Prime Minister.

Alexey Overchuk stressed that the designated projects have become effective tools for economic recovery after the pandemic and a confident step towards the further growth of the union, contributed to the formation of a favorable business climate in the EAEU.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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