During a briefing at the government on March 7, newly appointed Minister of Economy of Armenia, Gevorg Papoyan, emphasized the necessity of diversifying the country's economy and strengthening economic ties with various countries worldwide. He noted that this is a key aspect of Armenia's economic diversification policy.
"Economic diversification is not about replacing one of your trading partners with another completely different one, but about having several major trading partners and numerous smaller ones," Papoyan said.
Papoyan expressed his belief that developing economic ties will make Armenia more proportionally dependent on the global economy and will also make other countries more interested in cooperating with Armenia.
Responding to a question about finding alternatives in logistics when borders are closed, the minister emphasized that this is a complex obstacle, but he is confident that continuous work and exploration of new paths will help overcome these challenges.
Addressing potential partners for future economic cooperation, Papoyan stressed the importance of increasing trade turnover in various directions. He believes that to strengthen Armenia's state and economy, it is necessary to establish economic ties with various countries worldwide.
Earlier, BMG reported that in January 2024, Russia, the United Arab Emirates (UAE), and China became Armenia's main trading partners. According to the data from the National Statistical Service of Armenia, Russia holds the first place in trade volumes with Armenia. In January of this year, trade turnover with Russia increased by 93%, amounting to $861 million in monetary terms. Russia's share in the structure of Armenia's foreign trade turnover also increased from 37% last year to 40.1%.
The UAE ranks second in Armenia's trade partners by volume, followed by China in third place. The European Union, which was Armenia's largest trading partner for years, ranked fourth on the list in January 2024.
