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Armenian Foreign Minister Discusses Economic Cooperation with Saudi Arabia

Arshaluis Mgdesyan
18.04.24 13:40

On April 17, a meeting took place in Riyadh between the Armenian Foreign Minister Ararat Mirzoyan and the Minister of Economy and Planning of Saudi Arabia, Faisal bin Fadl bin Muhsin Al-Ibrahim.

The meeting discussed a wide range of issues related to the development of economic relations between the two countries. Mirzoyan emphasized the importance of establishing diplomatic relations and proposed to build a comprehensive bilateral agenda, where the development of trade and economic ties would take a key place. The Saudi side expressed support for this approach and proposed to coordinate a "roadmap" that would reflect the interests of both countries and contribute to the most efficient implementation of the existing potential.

Ministers discussed the possibilities of developing tourism, trade in services, infrastructure, and attracting investments. They emphasized the importance of stimulating direct contacts between business circles, regular direct flights, and creating necessary institutional frameworks. The parties also agreed on the development of the necessary legal framework.

As part of the discussion on investment opportunities and sustainable economic development, Mirzoyan presented to his counterpart the "Crossroads of Peace" program developed by the Armenian government. He also emphasized the importance of a stable environment for economic growth and presented Armenia's vision for achieving strong stability and peace in the South Caucasus, including the process of normalizing relations with Azerbaijan.

Earlier, BMG reported that in late October 2023, Armenia presented the "Crossroads of Peace" project, which essentially is the Armenian version of a project aimed at unlocking communications in the region after the 44-day war. From Yerevan's point of view, this is one of the components of the process of establishing a durable peace in the South Caucasus, and if implemented, it could change Armenia's status, helping it to emerge from isolation and become a logistical hub in the region.

In November 2023, Armenia and Saudi Arabia signed a protocol establishing diplomatic relations. Yerevan and Riyadh did not have diplomatic relations after Armenia gained independence in 1991 as a result of the collapse of the Soviet Union.

The first contact took place in October 2021 when the then President of Armenia, Armen Sargsyan, visited Saudi Arabia and met with Crown Prince Mohammed bin Salman Al Saud.