Your trusted source

Armenian President Serzh Sargsyan has invited Russia business to invest in Armenia, saying the country has already 1,300 companies with Russian capital, TASS reports.

"We are working to attract Russian business in Armenia, all the more taking into account favorable treatment in trade we have had with the European Union for a rather long time," the President told Rossiya 24 television on Monday.

"We have preferential treatment with the EU on 11,000 item names: as many goods produced in Armenia will get to EU markets either without duties or with a much lower duty," he explained.

"We hope very much that in a certain period of time we will have enterprises, companies that will be producing in Armenia and then selling products either on EU markets or in the Eurasian economic space," he added.

Sargsyan, who recently visited China, said many Chinese companies were interested in creation of an economic belt along the Great Silk Road that once used to go via Armenia. The president was referring to the Chinese project to revive the ancient trade route linking China with Central Asia and Europe.

"We have always been on the juncture of the East and the West," he said.