To Boost Armenian Economy, Economic Cooperation with China is a Must


The Armenian economy suffers from a negative balance of trade, which reaches up to 2.5 billion USD per year.To make a qualitative leap forward in its economic development, Armenia needs to increase its exports significantly and decrease its negative trade balance. In this context, fostering economic relations with China may play a crucial role in boosting the Armenian economy.Armenia may significantly increase its exports to China in two sectors – agriculture and IT products. Armenian fresh and processed fruits, vegetables, as well as wine and brandy have the potential to enter the Chinese market.The agriculture export will contribute to the sustainable development of Armenian rural areas by creating new jobs and preventing the internal migration from villages to the capital Yerevan.The booming IT sector of Armenia is another opportunity for the fostering of bilateral economic ties. Given the astonishing growth of the Chinese IT market, there are vast untapped resources for Armenian companies to cooperate with their Chinese counterparts. As start-ups are not concentrated only in Yerevan, the further development of the Armenian IT sector will also contribute to the sustainable development of Armenian provinces. Check out the full report on the Indrastra.


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