YEREVAN. – The objective of the Armenian-Russian Investment Cooperation Fund will be the funding of and investments to the domains that will contribute to the development of trade, replacing of imported products with the local ones, development of industrial cooperation, and growth of exports between the two countries. 

Minister of Economic Development and Investments of Armenia, Suren Karayan, told the aforementioned to reporters, after Thursday’s Cabinet meeting. He added that this fund will be created in the coming months.

When asked why the activities toward drawing investments into Armenia have begun from Russia, Karayan responded as follows, in particular: “The Prime Minister had visited Russia, and, proceeding from the format of the official visit, important consultations were held. [But respective] active work is in progress in all directions, including with the EU, Iran.”

The decision to establish the aforementioned fund was adopted during the recent consultations in Moscow, between the Armenian and the Russian PMs—Karen Karapetyan, and Dmitry Medvedev, respectively.