Armenia, China to hold high-level business forum

09:00, April 08, 2011      

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A high-level Armenia-China business forum will be held in the Armenian city of Yerevan on April 12, after the South Caucasus country on Thursday approved an agreement with China on technical and economic cooperation.

The accord on technical and economic cooperation will be signed during the forum.

Armenian Deputy Foreign Minister Shavarsh Kocharyan briefed the media after attending Thursday's 2011 Armenia-China Inter-Governmental Committee meeting in Yerevan, saying China would offer Armenia 40 million Renminbi yuan (3.2 million U.S. dollars) worth of grants.

China has been providing Armenia with grants since 1999 and the amounts had increased in recent years, Kocharyan said.

Bilateral trade between Armenia and China increased by 44.4 percent in 2010 to 436.7 million dollars, with Armenian exports to China increasing by 73.6 percent to 30.9 million dollars.

China has become Armenia's second largest trading partner, behind Germany. China has expressed interest in importing Armenian brandy and wine.

Between 1991 and 2010, China invested a total of 1.326 billion dollars but since January this year, Chinese investment totalled 2.7 billion dollars. Forty-one enterprises in the South Caucasus country have so far benefited from the Chinese investment.

Thursday's inter-governmental committee meeting reached consensus on issues such as cooperation in infrastructure, energy, mining and tourism.

Source: Xinhua
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