The trade turnover between Armenia and Iran increased by 45.3% in the first ten months of 2022, reaching $565.6 million, Armenian Deputy Minister of Economy Armen Arzumanyan told reporters following the discussion on the prospects of business cooperation with Iran held at the Ministry of Economy. 

According to Arzumanyan, stable growth was recorded this year compared to 2021, which is also a result of the work done by the trade attaches of the two countries.  

“This indicator testifies that business cooperation is developing positively. We recorded an increase in turnover primarily due to the export of Armenian products, and there is still a possibility to extend export volume. The Iranian market is quite extensive, but it has a problem with self-sufficiency. Armenian products are of high quality and meet the taste of Iranian consumers. To handle competition in a big market of 80 million people, we need to find our niche," the deputy minister said. 

He noted that the two countries' leaders set a goal to increase trade turnover to $3 billion. This was the main topic of the discussion with representatives of business circles organized at the ministry. 

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