Armenia, Russia to launch joint investment fund

The Russian Fund of Direct Investments and the Armenian universal credit organization SEM Investments on Monday signed an agreement on launching a joint Armenian-Russian investment fund.

The deal was concluded by and between Suren Karayan, Armenia’s minister of economy, and Denis Mantorov, the Russian minister of industry and trade.

According to a press release by the Ministry of Economic Development and Investments, the sides agreed on the elaboration of joint investment projects aimed at promoting bilateral trade-economic, and investment cooperation, and assisting in Armenia’s integration into the Eurasian economic zone.

“We are really happy to welcome our first international co-investing partners from the Commonwealth of Independent States. Armenia is Russia’s key trade-economic partner, also in the Eurasian Economic Union. The fund is expected to promote economic development in our countries through the implementation of projects in such priority areas as agriculture, industrial manufacturing, transport and logistic infrastructures,” Mr Mantorov said.