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Armenia and Georgia set to Expand Bilateral Trade

Armenia and Georgia set to Expand Bilateral Trade

The commerce and industry chambers of Armenia and Georgia signed today a memorandum on cooperation in Yerevan in the presence of the ministers of economy of both countries.

Speaking to reporters, Martin Sargsyan, the head of the Armenian Chamber of Commerce and Industry, said the volume of commodity exchange between the countries is not small, but there is an untapped potential. He said in 2016 Armenian exports to Georgia amounted to $148 million and imports to $104 million, growing by 18% and 37 percent respectively from the previous year.

According to him, despite friendly relations between the two countries, Georgia accounts for only 5% of Armenia’s external commodity turnover.

According to official data, Armenia’s foreign trade turnover with Georgia in January-April 2017 was $68.3 million, a 9.5% decline from the year before.

Nino Chikovani, the head of the Commerce and Industry Chamber of Georgia, said Georgian business people are interested in Armenia-made construction materials, fish products and energy.

“I hope that the signing of this memorandum will contribute to the promotion of trade and economic relations in the private sector,” Chikovani said.

The memorandum was signed before the opening of the Armenian-Georgian business forum, attended by more than 120 representatives of Armenian companies and more than 30 representatives of Georgian businesses. ($ 1 – 480.44 drams).

Source: arka