Iranian Arad Agricultural Machinery intends to invest $ 1 million to launch production of agricultural machinery in Armenia
The Business Armenia Fund and the Iranian company Arad Agricultural Machinery signed a memorandum of cooperation on August 10, within which the latter will invest $ 1 million to launch the production of agricultural machinery and production equipment in Yerevan.
According to the executive director of VA Armen Avag Avagyan, 20 jobs will be created initially, and after training and retraining, their number will reach 100 people. He stressed that raw materials from Iran, Armenia, and other countries will be used for production. The products of the enterprise will be oriented to Russia.
The executive director of Arad Agricultural Machinery, Nasser Rahim, expressed the hope that production will begin in two months.
Deputy Minister of Agriculture of Armenia Armen Harutyunyan attended the signing of the memorandum. After greeting the program, he stressed: "Investments play a key role in the development of the agricultural sector. And the production of means of production will contribute to increasing productivity in the agro-sphere and the level of competitiveness of the economy."
According to the National Statistical Service of Armenia, the foreign trade turnover between Armenia and Iran in 2017 was $ 263.4 million, with an annual growth of 10.1%. In particular, exports increased by 11.8% to $ 84.2 million, while imports grew by 9.3% to $ 179.2 million.
In the first half of 2018, the foreign trade turnover between the countries amounted to $ 154.6 million, with an annual growth of 40.8%. In particular, exports increased by 39.1% to $ 48.1 million, while imports grew by 41.6% to $ 106.5 million.