According to various estimates, Russian business share in the Armenian economy ranges between 30 to 50 per cent, RA Prime Minister Tigran Sargsyan said in an interview with RBK Daily.

He pointed out a number of factors “The first is a large Armenian community in Russia. We regard its investments in the Armenian economy as Russian investments. The second factor is Russian companies investing their capital – VTB, Rosgosstrakh and others. The third is private transfers, with Russia being leader,” the Armenian Premier said.

Armenian is creating favorable conditions for businesses. “The first and foremost is that we see future Armenia as knowledge-based society and economy. We cannot develop metal-consuming production in Armenia, so we rely on intellectual work, which does not require serious transaction costs. This requires investments in education,” the Armenian Premier said. The related industries, particularly the IT-sector, are “number one priority for us,” he said.

More than 200 companies with foreign capital are operating in Armenia, closely cooperating with specialized Armenian higher schools and departments.

The second rapidly developing field is raw materials. “A favorable situation has developed throughout the world, and capita has been invested in the mining industry, particularly in molybdenum production, which has export potential,” he said.

Responding to a remark that it may be a risky segment, Premier Sargsyan said it is a risky segment in the context of the world situation. “But long-term demand for copper, molybdenum and gold is expected to ensure return on investments,” the Armenian Premier said.