Armenia benefits from EEU membership

10:29, 24 November 2016

ASTANA-YEREVAN. KAZINFORM - Deputy Director of the Integration Development Department of the Eurasian Economic Commission (EEC) Saadat Asanseitova made a report on the prospects of economic cooperation within the Eurasian Economic Union (EEU) at the joint session of the Permanent commission for external relations of the National Assembly of the Republic of Armenia and the Foreign Affairs Committee of the Federation Council of the Federal Assembly of the Russian Federation in Yerevan.

Participating in the session were parliamentarians of the two countries, officials and academic community of Armenia and Russia.

Saadat Asanseitova informed of the first results of the EEU's work and gave an insight into the outcomes of integration for Armenia.

"Over the past nine months Armenia has increased exports to the EEU member states by more than 55%," she stressed. "It is all thanks to increase in sales of food products and agricultural raw materials as well as textile goods and shoes by almost 1,5fold and by 2,5fold respectively. Armenia's GDP grew by 2,8% in the 1H of 2016."

She pointed out that capital investment of the EEU member states into Armenia's economy from 2011 increased almost seven times and totaled $178,5 million. Investments were channeled into such priority economy sectors as added-value wood processing, construction materials production, infrastructure, agro-industrial complex and more.

Ms Asanseitova also noted that the EEU has potential to build up industrial production in Armenia in the following spheres: winemaking, jewelry industry, light industry, agricultural chemistry, food production, wood processing, etc.

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