Armenia and Bulgaria have a great potential for cooperation, Bulgarian Minister of Transport, Information Technology and Communications Aleksandar Tsvetkov told journalists in Yerevan. Mr. Tsvetkov is in Yerevan to take part in the 6th meeting of the Intergovernmental Commission for Trade, Economic, Scientific and Technical Cooperation.

Armenia and Bulgaria are developing cooperation. The Commission’s meeting will contribute to bilateral cooperation in various fields. The Bulgarian delegation carefully prepared for the meeting, Minister Tsvetkov said.

As to whether Bulgaria shows interest in the Iran-Armenia railway project – it can connect the country with Asia by means of ferry service – Minister Tsvetkov said that Bulgaria is interested in the project. Bulgaria benefits from any improvement in transport communication. Armenia and Bulgaria have agreements, and methods of improving communication between the states must be discussed, he said. He reported that a representative of the Bulgarian Navy is participating in the meeting, and the issue will be put on the agenda.

On January 14, 2010, the RA Government approved an investment program of the North-South transport corridor, as well as a U.S. $500m framework agreement between Armenia and the Asian Development Bank and an agreement on the first, U.S. $60m, tranche for construction of the corridor. The Iran-Armenia railway will serve as an alternative for transporting energy carriers and other products for Armenia. The project is estimated at U.S. $2bn. The World Bank and the Asian Development Bank showed interest in the project.