Trade relations with Armenia stall behind their potential

On the occasion of Armenian President Serž Sargasjan‘s visit to the Czech Republic, the Confederation of Industry of the and the Ministery of Industry and Trade have organized a meeting between the Czech and Armenian businessmen last week.

Czech President Miloš Zeman, who took part in the forum, recommended to his Armenian counterparts Czech cars, especially those ones manufactured by Škoda, and traditional Czech beer. Armenian President Sargasjan talked about the mineral resources potential of his country.

Nevertheless, the commerce between the Czech Republic and Armenia, doesn’t accomplish expectations, so far. „The trade with Armenia is not on the level we would wish,“ the Confederation’s President Jaroslav Hanák said. „In 2012 it represented 32 million euro, in the last year only 20,3 million euro.“

An improvement of the business relations could come with the first seven memoranda signed during the Armenian delegation’s visit. One of them is the cooperation agreement between the  Export Guarantee and Insurance Corporation (Exportní garanční a pojišťovací společnost) and the Armenian Export Insurance Agency.