Iran has opened its first and world’s largest permanent trade center abroad Armenia’s capital Yerevan, on September 30, marking a significant milestone in the growing trade relations between the two countries. The Iranian Trade Center, the largest of its kind in the world, was officially inaugurated today with a ceremony attended by high-ranking officials from both nations.
The center, covering over 18,000 square meters, is set to become a major gateway for expanding trade and economic cooperation between Iran, Armenia, and the Eurasian Economic Union (EAEU).
The grand opening ceremony was attended by high-ranking officials from both nations, including Armenia’s Minister of Economy Gevorg Papoyan and Iran’s Minister of Industry, Mines, and Trade Mohammad Atabak, along with other ministers and business leaders. Iran’s Ambassador to Armenia, Mehdi Sobhani, emphasized that the center reflects the deepening friendship and cooperation between the two nations.
“The Iranian Trade Center in Armenia is a testament to the strong ties between our nations,” Sobhani stated. He highlighted the recent increase in trade turnover between the two countries and expressed optimism that the new facility would further accelerate economic collaboration.
$3 Billion Trade Turnover Target
Iran’s Ambassador to Armenia, Mehdi Sobhani, emphasized Iran’s determination to fully utilize the new trade center’s potential, with the ambitious goal of increasing the trade turnover between Iran and Armenia to $3 billion. He highlighted the strong political will between the leaders of both countries to further develop and deepen their cooperation, stating, “The leaders of our countries have outlined a threshold of $3 billion in trade turnover, and we must make all efforts to realize this goal.”
Armenia’s Minister of Economy, Gevorg Papoyan, echoed these sentiments during the opening ceremony, pointing out the significant growth in bilateral trade, which has already reached $700 million. He stressed that the new trade center would help achieve the $3 billion target and unlock further opportunities for collaboration in sectors such as transport, energy, and the economy.
Both officials agreed that the trade center would act as a catalyst for increasing trade and cooperation, supporting the economic ambitions of both nations.
Strengthening Economic Ties
Ambassador Sobhani emphasized Iran’s determination to promote mutually beneficial partnerships across various sectors, including pharmaceuticals, agriculture, construction, and technology. Armenia’s Minister of Economy, Gevorg Papoyan, also stressed that Iran is not just a neighboring country but a key partner for Armenia in these sectors. The establishment of the center is expected to accelerate economic relations, especially in the face of international sanctions, by providing a key gateway linking Iran, Armenia, and the EAEU.
Strategic Location and Opportunities
Strategically located in one of Yerevan’s most active areas, the center features a 10,000-square-meter exhibition space with 107 booths showcasing a variety of Iranian industries, ranging from food and cosmetics to medical and industrial equipment. The center will also offer services such as logistics, legal advice, financial transactions, and investment support, aiming to bolster Iran’s presence in regional markets.
Iran’s Minister of Industry, Mohammad Atabak, highlighted Armenia’s strategic importance as a gateway to the EAEU markets, expressing Iran’s desire to strengthen ties with its neighbors.
This new center is expected to significantly enhance economic ties between Iran and Armenia, further integrating Iran into the EAEU market and positioning it as a key player in the region’s trade dynamics.
