Armenia keen to expand its relations with Iran
By Sara Rajabova
Armenian President Serzh Sargsyan has said Yerevan is interested in expanding relations with Iran despite "the US-engineered moves to downgrade diplomatic ties" between the two countries, Press TV reported.
Addressing the people in the southern Armenian city of Meghri on Thursday, Sargsyan said Armenia attaches great importance to the development of relations with Iran.
He also expressed gratitude for Iran's active and efficient cooperation with Armenia, and praised Iran for its readiness to implement joint projects with its northern neighbor.
The Armenian president said Yerevan will seek to further enhance its relations with Iran, particularly in the field of business interactions.
Sargsyan went on to say that a section of the North-South Corridor located on the Armenian soil will be completed by 2017, connecting Armenia, Iran and Georgia, and opening up new trade opportunities between the two countries.
After the sanctions imposed on Iran's economy by the West, the country is looking for reliable economic partners and therefore has sought to expand its relations with Armenia.
Earlier it was reported that Iran is seeking to expand its banking foothold in Armenia. An expanded local-currency foothold in a neighbor like Armenia, a former Soviet republic which has close trade ties to Iran and is working hard to forge closer links with the European Union, could make it easier for Tehran to obfuscate payments to and from foreign clients.
However, Armenian officials denied illicit banking links to Iran, stating that it requires all banks to scrutinize their transactions to avoid dubious financial exchanges.
The volume of trade between the two countries in 2011 amounted to $329 million. The two countries have taken strides over the past 20 years toward the expansion of economic ties, especially in the energy sector.
In late December 2012 Governor General of Iran's East Azerbaijan province Ahmad Alireza Beigi said that Iran and Armenia have set a target of $3 billion for annual bilateral trade.
According to Armenian officials, Iran is Armenia's seventh biggest trade partner and currently, 500 Iranian companies are doing business in Armenia.