Russia to Turn Armenia Debt Into Investmen’s

YEREVAN (Noyan Tapan)–Russia is going to turn Armenia’s interstate debt into Russian investmen’s in Armenia’s economy–said Russia’s Vice-Speaker Ilya Klebanov Friday after signing the protocol of the meeting of the Armenian-Russian intergovernmental commission for economic cooperation.

According to Klebanov–who is the Russian cochairman of this commission–there are plans to set up a joint venture with the participation of numerous Armenian enterprises.

He named three levels of bilateral economic cooperation–the first level being Armenia’s energy and mining industries. Klebanov pointed out that the Russia’s will participate in the privatization of the energy grid in Armenia.

The second level of cooperation–according to Klebanov–is cooperation between separate enterprises. In particular–the Russian delegation visited the "Mars" plant–which produces electronic equipment.

The third level named by Klebanov is the sphere of financial investmen’s. Negotiations are being held with Russian businessmen to ensure investmen’s in this field.

Russia’s Vice-Premier said investmen’s in Armenia are needed to increase the value of final products and raise efficiency rather than upgrade production.

The Armenian co-chairman of the commission–Defense Minister Serge Sargssian said–due to Russian investmen’s the Zangezur copper and molybdenum integrated plant could produce molybdenum and sell it for $20,000-25,000 per ton instead of producing copper concentrate and selling it for mere $2,000 per ton. According to Sargssian–cooperation is possible not only through setting up joint ventures–but also through fully transferring enterprises to the Russian side.

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