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20 October 2022, 17:19

Belarus' proposal for joint manufacturing project supported by Armenia

MINSK, 20 October (BelTA) – Belarus proposes to set up a joint production of elevators in Armenia, Belarusian Prime Minister Roman Golovchenko said during a meeting with Armenian Prime Minister Nikol Pashinyan in Yerevan on 20 October, BelTA has learned.

"The historical ties between our peoples are very strong and have successfully passed the test of time. As for trade and economic relations, we have recently made very good steps forward and increased trade. It is gratifying that foreign trade is balanced: both Belarusian exports to Armenia and supplies from Armenia to Belarus are growing. So is investment. This is also a two-way street. The number of enterprises with the Belarusian share in Armenia and with the participation of Armenian capital in Belarus is on the rise. This is a reflection of our hard and multifaceted work," Roman Golovchenko noted.

Roman Golovchenko
Roman Golovchenko

It is important not only to trade but also to implement joint projects, he noted. "We are considering cooperation in mechanical engineering, setting up of joint ventures. Belarusian elevators are very much in demand in Armenia. We participate in the elevator replacement program. Belarus' Mogilevliftmash came up with an initiative to establish an elevator production in Armenia - an assembly plant with the localization of certain elements. The project means new machine-building competencies and new jobs for Armenia,” the prime minister said.

In 2021, the trade between Belarus and Armenia amounted to $97.2 million, up 18.1% from 2020. Exports reached $68.4 million, up 18.9%. Belarus posted a trade surplus of $39.4 million. Last year Belarus' main exports were milk and cream, defense and security products, furniture, medicines, electric transformers, computers for automatic data processing, wires and cables, fiberboard, paper and cardboard, aluminum bars and profiles. The imports from Armenia included strong drinks, defense and security products, copper waste and scrap, hygiene items, toys and puzzles.

Nikol Pashinyan
Nikol Pashinyan

In January-August 2022, the bilateral trade amounted to $105.7 million (up 5.7% over the same period last year). Exports made up $69.2 million (up 82.5%). The trade surplus reached $32.6 million.

The commodity distribution network of the Belarusian enterprises in Armenia includes four companies with Belarusian capital, and more than 80 dealer network entities. There are 39 companies with Armenian capital in Belarus, including ten joint ventures.

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