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YEREVAN. – National licenses to Armenian construction companies will be recognized in the Eurasian Economic Union strating from 2016, Mr Rinat Galitdinov, Deputy Head of Entrepreneurship, Services and Investments Division of the EEC Entrepreneurial Activity Development Department, told Armenian News – NEWS.am.

This will mean a free entry to the Russian construction market. To be eligible for a larger portion of contracts, one needs to enroll into self-regulated organizations. This will call for producing guarantees of work proficiency and financial stability. But the demands will be level to those of the Russian companies and will not exceed them in any way, Galitdinov stressed.

SRO membership is an important credential for construction industry businesses, including those in construction, engineering, and architecture. Without membership, a company is deemed less reliable and is not considered for a majority of contracts.

Gross construction turnover in Armenia in 2014 totaled around 433.2 billion Armenian drams, or around $906 million (as per end-2014 exchange rate).

“On the other hand, Russia imports around $7 billion construction services yearly. Of course, any entrepreneur would like to tap such a new market,” EEU official added.

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