In 2023, Armenian companies secured $1.3 million worth of Russian government contracts, a fourfold increase compared to the previous year. However, technical barriers continue to hinder more active participation of Armenian businesses in public procurement within the Eurasian Economic Union (EAEU).
At the Parliamentary Commission on Eurasian Integration on December 16, Armenia’s Deputy Minister of Finance Avag Avanesyan presented the trends in Armenian companies' participation in Russia’s public procurement: from zero in 2019 and 2021 to $110,000 in 2020 and $320,000 in 2022.
Despite the significant growth, substantial obstacles remain for further development. The key issues, according to the Deputy Minister of Economy, are the recognition of electronic signatures and bank guarantees.
Avanesyan noted that an agreement with Russia on mutual recognition of digital electronic signatures was reached as early as 2019, and the system was tested in 2020. However, the approach was later revised in favor of creating a unified EAEU electronic signature system.
Khachatur Sukiasyan, a deputy from the ruling Civil Contract party, criticized the current progress and urged financial authorities to more actively inform businesses about opportunities to participate in EAEU public procurement.
“Armenia has expressed readiness to unilaterally recognize bank guarantees from other union countries, but this issue remains unresolved,” Avag Avanesyan added.
