The 6th session of the Armenia-Greece Intergovernmental Commission on Economic, Industrial, and Scientific-Technical Cooperation took place in Yerevan on December 17. The session was co-chaired by Armenian Economy Minister Gevorg Papoyan and Greek Deputy Foreign Minister Kostas Fragkogiannis. It concluded with the signing of a protocol aimed at enhancing economic ties between the two countries.
“The sessions of the intergovernmental commission between the Republic of Armenia and the Hellenic Republic have become an important platform where it is possible to discuss existing issues, identify new areas of cooperation, and develop effective mechanisms aimed at revealing the potential of our countries. In this context, we would like the Greek capital to be further expanded in Armenia, which will be mutually beneficial for the economies of our two countries,” stated Gevorg Papoyan.
Papoyan highlighted that trade turnover between the two countries from January to October this year amounted to $44.7 million, reflecting a 14.3% decline. He attributed the decrease to EU sanctions against Russia and the lifting of GSP+ trade preferences. “Our goal is sustainable growth and a continuous increase in trade turnover, both in exports and imports,” he stated. He emphasized that the development of economic ties with Greece is part of Armenia’s export diversification policy.
He called for increased Greek investment in Armenia, noting that while there have been mutual investments, the volume of capital exchanged remains insufficient. “It is time to boost our relationship economically. We would want the Greek capital to expand in Armenia, which would be mutually beneficial for our economies,” Papoyan emphasized. He also highlighted the Crossroads of Peace project, which he believes could transform the divided region into a powerful hub of economic cooperation.
Papoyan further emphasized that trade and economic cooperation between the two countries is rooted in the historical and cultural ties shared by Armenia and Greece. “We want to see more Greek investment in Armenia, which would benefit both economies,” he added. He also reaffirmed that the Armenia-EU partnership is a priority for Armenia, with expanded economic ties with Greece serving as part of Armenia’s export diversification strategy.
Fragkogiannis highlighted the strong relationship between Armenia and Greece, which is rooted in shared cultural values and historical ties. “Armenia and Greece have created strong relations based on common values and historical similarities. We have a common desire to deepen and strengthen our relationship,” he stated.
He further noted that Greece’s rapidly growing economy provides favorable conditions for foreign investments, encouraging Greek businesses to increase trade and investment activities in Armenia. “We are one of the fastest-growing economies in Europe. Greece is very favorable for foreign investments. And we would like our business community to have broader involvement in trade with Armenia and investments,” he stated. He reiterated that Greece would fully support Armenia if it chooses a pro-EU policy and reaffirmed that Greece “always stands by Armenia.”
According to the Armenian Economy Ministry, discussions during the session covered a broad range of topics, including cooperation in the fields of economy and investments, trade, industry, development of small and medium-sized enterprises, agriculture, environment and climate change, healthcare, digitalization, new technologies, high technologies, science, quality infrastructure, transport, and tourism.
Both sides expressed their commitment to deepening economic ties, increasing trade turnover, and offering mutual investment opportunities to businesses. The Greek Deputy Foreign Minister reaffirmed Greece’s readiness to support Armenia on its path toward a closer partnership with the European Union.
