Armenia and Russia to set up joint investment fund
The Russian Direct Investment Fund and the Armenian universal credit organization SME Investments signed an agreement to establish an Armenian-Russian investment fund, the press service of the Armenian Ministry of Economic Development and Investments reported. I
YEREVAN, March 15. /ARKA/. The Russian Direct Investment Fund and the Armenian universal credit organization SME Investments signed an agreement to establish an Armenian-Russian investment fund, the press service of the Armenian Ministry of Economic Development and Investments reported.It said the agreement was signed as a follow-up to accords reached by Armenian Minister of Economic Development and Investments Suren Karayan and the Russian Minister of Industry and Trade Denis Manturov, on March 3. The agreement was signed during Armenian president Serzh Sargsyan’s official visit to Russia.
According to the agreement, the parties will develop programs with investment attractiveness, promote deepening of trade, economic and investment cooperation between the countries, as well as Armenia's integration into the Eurasian economic area.
"We are pleased to welcome our first international co-investor from the CIS. Armenia is an important trade and economic partner of Russia," said Kirill Dmitriev, the executive director of the Russian Direct Investment Fund.
In his words, the fund will contribute to the further development of the economy of both countries through the implementation of various projects in such priority sectors as agriculture, industrial production, transport and logistics.
The executive director of SME Investments organization Arthur Badalyan expressed confidence that joint investments will contribute to further integration of the economies of Armenia and Russia, to the growth of trade turnover and strengthening of friendly relations.
The fund’s activities will be aimed at financing industries that can ensure the growth of trade turnover between the countries, substitution of imports and development of industrial cooperation.-0-