Armenia Expects Boost in Iran Trade to $1b

Trade turnover with Iran can be increased to $1 billion per year, Armenian Prime Minister Karen Karapetyan said during the ruling Republican Party’s election campaign in Syunik Province Parliamentary elections will be held on April 2. Nine parties and blocs running for seats in the National Assembly have already launched their campaigns, PanARMENIAN.Net reported on Monday. Karapetyan, who is also deputy chairman of Republican Party, said Armenia has a clear understanding of its potential in neighboring countries.  He noted that trade turnover with Iran is too low, amounting to $50-75 million without the energy sector. We have a phenomenal growth opportunity here, eying a hike to as much as $1 billion, no matter how pompous the idea may sound,” he said. Dwelling upon the volume of investment projects, the prime minister said programs worth $55 million are expected to be implemented in Syunik. “We must make use of the fact that Syunik borders Iran. Talks on establishing a free trade zone in Meghri are currently in final stages,” he said. Karapetyan noted that Armenia is negotiating with the Iranian side on creating a special company in the FTZ to promote large-scale exports.