Sunday, 23 September

Armenia-Austria Economic Cooperation Lags Despite Strong Diplomatic Ties



In 2015, Austria accounted for a mere 0.4% of Armenia’s trade with the outside world. In 2014, that number was 1.2%.

Armenia imports more from Austria than it exports to it.

In 2015, according to Armenia’s National Statistical Service (NSS), Armenia imported US$16.3 in goods and services from Austria and exported $2 million.

These figures are a substantial drop from 2014 when trade between the two countries amounted to $73.5 million. Armenian exports to Austria, nonetheless, rose by 45.6%.

Austria mostly imports aluminum foil from Armenia, and such imports rose 63.3% from 2014 to 2015.

Armenia mostly imports cars, cigarette paper, blood and medicine from Austria. But. As noted, Armenian imports from Austria have drastically dropped. In large measure, this is due to the fact that in 2014 Armenia imported $40.4 million in gold dust from Austria and almost none the following year.

Austria has basically invested a very miniscule amount in Armenia. So small is the amount in fact that the NSS doesn’t list Austrian investment separately but includes it in the ‘other investments’ category.

Armenia’s Ministry of the Economy placed Austrian investment in Armenia at a paltry $406,000 as of 2015.

Political and diplomatic ties between Yerevan and Vienna are, however, much stronger than the economic links between the two.

In 2015, the Austrian parliament recognized the 1915 Armenian Genocide, and in 2014 the presidents of Armenia and Austria signed a Declaration of Friendly Relations and Partnership.

In April of this year, the Development Fund of Armenia and its partner organization, the Federal Economic Chamber of Austria initiated a business conference on the sidelines of the seventh session of the Armenian-Austrian Intergovernmental Congress.

At the congress, Development Fund of Armenia Executive Director Arman Khachatryan announced that the agricultural, IT and renewable energy sectors were highly promising in terms of joint Armenian-Austrian business.

Top photo: Presidents Serzh Sargsyan of Armenia and Heinz Fischer of Austria (president.am)


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