Papoyan: Armenia’s Crossroads of Peace project to help country strengthen economic ties with Kazakhstan
Armenia’s Crossroads of Peace project will help the country strengthen its economic ties with Kazakhstan, Armenia#39;s Minister of Economy, Gevorg Papoyan, told Kazakhstani outlet Kazinform on Monday
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YEREVAN, July 8. /ARKA/. Armenia’s Crossroads of Peace project will help the country strengthen its economic ties with Kazakhstan, Armenia's Minister of Economy, Gevorg Papoyan, told Kazakhstani outlet Kazinform on Monday.
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Papoyan explained that the essence of the Crossroads of Peace project lies in developing regional communications through the construction of new infrastructure and the renovation and maintenance of existing highways, railroads, pipelines, and power lines.
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“The Crossroads of Peace project undoubtedly brings numerous new opportunities related to the movement of goods, cargo, and people. The project to unblock the transportation infrastructure in the South Caucasus will pave the way for a prosperous future for all countries in the region and deepen economic ties, Papoyan stated.
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The implementation timeline for this project is yet to be defined, as it depends not only on Armenia but also on the active support of international partners.
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Papoyan also highlighted the substantial potential for expanding Armenian-Kazakh economic cooperation. According to the minister, the trade turnover between the two countries in 2023 amounted to $100.4 million, marking a 2.4-fold increase compared to the previous year.
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“Exports from Armenia to Kazakhstan in 2023 reached $71.3 million, a 3.8-fold increase compared to the same period last year. Various areas of cooperation are already established, and the expansion of this cooperation is constantly being discussed. Armenia’s business environment is actively developing, accessing various markets and sectors. All proposals are important to us, and all options are being considered,” Papoyan noted.
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The minister emphasized that Armenia is currently on a path of economic diversification while maintaining relationships with traditional partners like Kazakhstan.
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On April 9, Yerevan hosted the Armenian-Kazakh business forum, attended by Kazakhstan's Minister of Trade and Integration, Arman Shakkaliyev, and Armenia's Minister of Economy, Gevorg Papoyan. The event saw participation from over 150 representatives from various economic sectors and the signing of numerous agreements aimed at strengthening bilateral economic relations.
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On April 15, Kazakhstan's President Kassym-Jomart Tokayev visited Yerevan. During his talks with Armenia’s Prime Minister Pashinyan, significant agreements were reached in the fields of trade and economic cooperation, investment, and transport and logistics.
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