Products, Companies & Markets

 

Armenia exports ready-made goods, rather than raw materials to EAEU states – minister  
/Mar 4/ArmenPress.am/

YEREVAN – Armenia is exporting mainly products for final use, rather than raw materials to the countries of the Eurasian Economic Union (EAEU), Minister of economic development and investments Tigran Khachatryan said at the parliamentary standing committee on regional and Eurasian integration affairs, reports Armenpress.

“The Eurasian Economic Union is the main part of our economic interests. Nearly 680 million USD out of the 2 billion 400 million USD goods exported from Armenia in 2018 have been exported to the EAEU states. And the most important is that we export goods for final use to the EAEU states and specifically Russia, rather than raw materials. This means that the interests of our producers and economy demand from us to pay great attention on the existing issues both in the field of export of goods and in terms of expansion of the services, and from the economic entities to continue exporting to the EAEU states”, the minister noted.

According to the minister, the entrepreneurs must have an opportunity to fully demonstrate, use and present their potential in the markets where they can have quite broad development opportunities which are not used up to the end.

The minister noted as for the import Armenia’s interests are directly linked with the EAEU territory. “We have interests of vital significance. ¼ of the total import or 1 billion 250 million USD we are importing from the EAEU states”, he said.
 

Minister proposes MPs to present list for possible reduction of customs duties on goods imported from EAEU
/Mar 4/ArmenPress.am/

YEREVAN – Minister of economic development and investments of Armenia Tigran Khachatryan offered the MPs to present the list of priority goods in order to apply to the respective agencies of the Eurasian Economic Union (EAEU) with the request of reducing their customs duties, reports Armenpress.

At the meeting in the parliamentary standing committee on regional and Eurasian integration affairs, the committee chair Mikayel Melkumyan said increase in customs duties of cars, as well as in several other products is expected in Armenia. He proposed the minister to raise these issues at the EAEU Commission and take actions for reducing the customs duties.

“During the transition period, Armenia has been granted with the privilege for cars, wheat and other goods in order to pass the membership path. And these talks lasted quite long. The given transition period is already privileged. The talk has already been held once, and what we have received as a privileged period, has deadlines in the document”, the minister said.

In his turn Mikayel Mekumyan stated that many issues have not been calculated right in the talks in terms of timeframe.

The minister responded stating that he doesn’t mean that everything is over for the talks. “We should be guided with a selective principle for the future actions. I ask you to jointly decide the types of goods which are of priority significance. We cannot re-negotiate for the whole list. We also have our notifications”, the minister said.
 

Armenian goods to enter Iranian market with less restrictions by Iran-EAEU simplified trade deal
/Mar 4/ArmenPress.am/ are

YEREVAN – The Iran-Eurasian Economic Union (EAEU) simplified trade agreement will be a great opportunity for Armenia to expand the trade with Iran, Minister of economic development and investments Tigran Khachatryan told reporters at a briefing in Parliament, reports Armenpress.

“The Iran-EAEU simplified trade deal will provide great opportunities for the entry of the currently operating companies in the EAEU, first of all, the Armenian companies to the Iranian market. The ratification of the simplified deal will free nearly 300 types of goods from the non-tariff regulation restriction. The value tariffs will decrease. This is an opportunity to export any goods produced in Armenia to the Iranian market with less restrictions and bans”, the minister said.

He informed that Armenia doesn’t have privileged trade agreement with Iran. He noted that after ratifying the Iran-EAEU agreement there will be a great opportunity for the expansion of trade.

The Armenian minister stated that this agreement also provides an opportunity for the Iranian producers for which the Russian, Armenian markets and those of the remaining EAEU states are important especially taking into account the current situation of the Iranian economy.

Tigran Khachatryan said the agreements are called free trade deals if the customs duties are reached to zero, but in this case not in all cases they will be reached to zero. “They have been reduced, but not reached to zero. Therefore, it is considered as a transitional agreement, I suppose the next stage is the deepening of the trade relations that the next agreement will be called free trade deal”, he said.

He informed that the agreement is already signed. 3 out of 5 states have already ratified it, Armenia will also ratify it soon.


US based DWM becomes new shareholder of Inecobank CJSC
/Mar 5/ArmenPress.am/

YEREVAN – Inecobank CJSC on March 5 has announced the completion of a private transaction between the European Bank for Reconstruction and Development (EBRD) and US based Developing World Markets (DWM) investment company, according to which the later acquired part of EBRD shares of Inecobank CJSC. Under the terms of this transaction, DMW becomes a shareholder with 5% of the total shares at Inecobank CJSC, the Bank told Armenpress.

“We are excited to welcome such a reputable institution as DWM as a shareholder of Inecobank. The acquisition of Inecobank shares marks the entry of DWM in the Armenian market, expanding its presence in the region”, Inecobank’s Chairman and major shareholder Avetis Baloyan said.

Having DWM as a shareholder of Inecobank will enhance the Bank’s visibility in the international market and will further strengthen the position of Inecobank as one of the leading banks in the South Caucasus region.

“This is the second equity investment transaction for Inecobank during the last year, which shows how much confidence investors have for Inecobank’s current business model, the partnership environment, vision for the future and corporate governance practices. The Bank will continue to engage new investors and expand its shareholder base, who will support the implementation of our vision of becoming a leader in the financial sector of Armenia and South Caucuses”, said Avetis Baloyan.

ABOUT DMW

DWM is an emerging and frontier markets investment manager based in USA, dedicated to making return-first impact investments that seek risk-appropriate returns for our investors and measurable environmental or social benefits for the developing world. We believe that the private sector and capital markets can and should be utilized to create positive economic, environmental and social change.


Chanel’s Gerard Wertheimer to visit Armenia on Saturday
/Mar 8/Panorama/

Gerard Wertheimer, the co-owner of the world’s top luxury brands, Chanel, will arrive in Armenia on Saturday, March 9, at the invitation of President Armen Sarkissian, the presidential press service said. 

In his first ever trip to Armenia, the French businessman is expected to get familiarized with the country’s culture, historical and cultural sights, as well as to study the light industry sector of the country for possible cooperation.

Gerard and his brother Alain Wertheimer are the co-owners of the House of Chanel, co-founded by their grandfather Pierre Wertheimer, who was an early business partner of Coco Chanel.

Chanel specializes in cloth design, manufacture of fashion accessories and perfume. Presently, it is one of the world’s oldest and most demanded brands. 
 

Tobacco production volumes increased by 11.4% in Armenia
/Mar 9/Panorama/

In January 2019, the tobacco production volumes increased by 11.4% in Armenia compared to the same period of 2018, according to the data released by the National Statistical Service (NSS) of Armenia.

As Panorama.am was informed at the NSS, in the first month of the ongoing year, 2 million 727.9 thousand units of cigarettes were produced in Armenia.

The tobacco production share in the general production sphere in Armenia has made up 20.2% due to the registered increase.

To note, surveys indicate that more than 50 percent of Armenia men above 16 and almost 4 percent of women smoke.

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