YEREVAN, APRIL 12, ARMENPRESS. German Economic Union will operate in Armenia. Enterprises actively involved in Armenian-German economic relations are member of the Union. “Armenpress” reports the solemn opening ceremony of the Union took place on April 12, which had been represented in Yerevan since March, 2013 as a branch of German Economic Union in Tbilisi. Minister of Economy of Armenia Artsvik Minasyan was also present at the event. Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to the Republic of Armenia Matthias Kiesler mentioned that it is an important step for the development of bilateral economic relations. “The participation of the Minister in the event documents Armenia’s interest in in developing Armenian-German economic relations”, he said.

The Ambassador referred to the fact that Germany is Armenia’s biggest trade partner among EU member states. “As refers to the bilateral trade relations between Armenia and Germany, there was an increase in trade turnover between the two states last year. But I believe the potential is not fully utilized in the spheres of trade and investment”, Matthias Kiesler added. He noted that there are opportunities for deepening cooperation in the spheres of IT, agriculture, tourism, and light industry.

“SMEs are the key component of the German economy. I think this model can be applied in Armenia as well”, the Ambassador said.

Minister of Economy of Armenia Artsvik Minasyan stated that deepening economic relations with Germany is among priority economic directions of Armenia. “Now we are in the stage of fundamental revisions of investment policy, which includes the elaboration of a new law on foreign investments as well as a complete system of protecting the rights of investors”, Artsvik Minasyan mentioned, stating that they will do everything so as no German investor feels any discriminatory approach.