Russian- Armenian integration will be growing. The fact that the newly elected Armenian president Serge Sarkisyan has made its first official visit to our country has emphasized the importance of the bilateral relations.

Serge Sarkisyan came to Moscow on Sunday with the official visit (March 23-24) at the invitation of the Russian president.

The visit has become the continuation of Russian- Armenian highly topical, trust-based political dialogue. This weekend the wide range of issues of bilateral interest has been discussed.

Traditionally Russia has been keeping good economic relations with Armenia. Though a bit deteriorated after the Soviet collapse, the relations were renewed on the market base only in the last five years, when the economy of the two countries firmed up.

In 2007 the turnover between our countries has increased in 65% and made up about $ 700 million. If to recall the index of 2005, the turnover was about $ 300 million. Last year the Russian share in the Armenian external turnover was 16,1%, what is the highest rate in comparison with other countries.

Nowadays Russia and Armenia are realizing a series of co-projects in different spheres of economy.

Energy co-projects.

In 2008 the second part of building works of the gas pipeline Iran-Armenia, which is an investment project of the company ArmRosgazprom, a joint venture of Russian ‘Gazprom’, the Armenian Ministry of Energy and a company ‘Itera’.

The company is holding modernization of the Sevano-Razdanskaya hydro-electric power station and has started building a gas pipe-line Kadzharan-Ararat. According to the investment program ArmRosgazprom is to invest $30 million into Armenian power economy.

At the present Armenia is buying the Russian gas at the reduced price, that is $110 for a thousand cubic meters.

Nuclear cooperation.

Russian State Corporation Rosatom and Armenian Ministry of Ecology has signed a protocol on joint geologic exploration, uranium ore mining and processing. The Russian-Armenian company is going to invest in the project about some hundred million dollars. February this year Armenia joined the International Uranium Enrichment Center, established by Russia and Kazakhstan in May 2007. Russian company Rosatom is to take part in the tender for building nuclear power plant, which will be held by the Armenian authorities this year.

Banks and industry.

Russian business is present in the Armenian bank sector. In 2007 the Russian Gazprombank purchased 80,09 % in the registered capital Armenian-Russian Export-import bank. Russian large companies and banks, such as Troyka-Dialog, Unibank, Gazprombank and VTB have come to the Armenian market.

Russian companies control the major part of telecommunication and industry brunches in Armenia. MTS owns 80% of share of the mobile operator K-Telekom (the trade-mark Vivacell). The mobile net operator Armentel is now a Vympelcom subsidiary.

Russian Aluminy (Rusal) owns Yerevan rolling mill plant. The Russian state corporation Rostechnologies is planning to invest in Armenian engineering and machine tool technology. The volume of the military goods supplies has made up $25 million since 2002.

Sources:

    www.vrn.kp.ru

    www.rian.ru

    www.rg.ru