YEREVAN. – Armenian PM Tigran Sargsyan said the country is not going to Customs Union empty-handed.

“We are confident that we can give a fresh impetus and new ideas to the Union. Our country is in fact in a transport blockade and, not having rich natural resources, Armenia is unable to create a model of an open economy with a stable economic growth,” Sargsyan said during the opening of Armenian-Russian interregional forum in Gyumri.

Nevertheless, the country has recently formed state institutions and created favorable conditions for businessmen and investors.

“Armenia is number one among CIS states in World Bank’s Doing Business report and 37th among 188 countries. Among the several comparative advantages, the use of which can be mutually beneficial for Armenia and the Customs Union member states, are geographic proximity and the traditionally friendly relations with the countries of the Middle East. In addition, there is favorable economic regime with European countries. Armenia has GSP regime with the European Union, and it helps many of our companies, including the Russian ones functioning in the territory of Armenia, to sell their products in EU without customs duties,” the head of the Cabinet said, the Armenian News-NEWS.am correspondent reported.

In this regard, Tigran Sargsyan recalled that EU court has recently upheld the application of RUSAL and canceled the anti-dumping duties to its Armenian subsidiary Armenal

Armenian PM explained this means that the products can be sold without any restrictions, using GSP regime.

“We think that it increases Armenia’s investment attractiveness. If we add to this the free economic zone created together with Russian colleagues based on “RAO Mars” CJSC and “The Yerevan Computer R&D Institute”, we can state: Russian investors can make investments in this area and use its tax benefits,” Tigran Sargsyan noted.