Armenia and Russia are creating a joint center for strategic initiatives and development, Sputnik Armenia reported.

The agreement was signed by the Armenian Minister of Economy Vahan Kerobyan and Russian Minister of Economic Development Maxim Reshetnikov on the sidelines of the St. Petersburg International Economic Forum.

According to Kerobyan, the center will help introduce only the best methods to various spheres of the Armenian economy. It will become a kind of supplementary institute for the Ministry of Economy.

Russian specialists will share the experience in different directions. It is both tariff regulation, and strategies of development of branches, and joint understanding of problems taking into account digital, analytical data.

"I would like to take this opportunity to thank Maxim Gennadyevich for doing everything for this center to start working, and for giving us an opportunity to adopt Russian experience... We already know where to start," said the Minister.

The center will be established within two months, but will start functioning in 2023.