Armenia and United Kingdom: Unprecedented growth in trade turnover compared to other European countries

Presently, the bilateral trade turnover between Armenia and the UK amounts to approximately 70 million pounds sterling, marking the UK's most rapid growth in bilateral trade with Armenia compared to other European countries last year. Andrew Whitten, the Trade Counsellor and Regional Director for Policy and Investments of Eastern Europe and Central Asia of the UK Department for Business and Trade, told in an interview with NEWS.am Tech. 

At the Silicon Mountains 2023 summit, which took place in Yerevan on October 17, Andrew Whitten engaged in a panel discussion focused on the concept of 'smart countries.' Throughout the discussion, he shed light on the intricate links intertwining global trade, sustainable methodologies, and the advancement of smart cities, countries, and regions.

According to Whitten, numerous British companies are presently operating in Armenia; however, there is a substantial potential for increasing their numbers and streamlining cooperation further. Moreover, the UK can serve as a launchpad for Armenian startups and entrepreneurs to access finance, tap into the country's innovation ecosystem, and consequently scale up globally.

The expert highlighted the numerous opportunities available today to foster expanded cooperation and trade between the two nations. The ongoing negotiation of the Comprehensive and Enhanced Partnership Agreement (CEPA) by the governments of the United Kingdom and Armenia is poised to contribute significantly in this regard. This agreement, according to the expert, will not only generate employment opportunities but also bolster prosperity in both nations.

"In a few weeks, the UK-Armenia Business Forum will convene in London. And we'll have representatives from Armenia’s Ministry of Economy, speaking to and meeting with UK businesses to explain why they should be operating in Armenia, what the opportunities are here. That's a great partnership. Additionally, this spring, we launched the UK-Armenia strategic dialogue. And I think things like this help us to reinforce that trading relationship in a positive way,” Whitten affirmed.

In assisting companies seeking to navigate the evolving landscape of international trade and investment, Whitten recommended seeking expert guidance. 

"Come and speak to us! The UK provides a world beating innovation environment for companies looking to scale up, looking to access some of the most impressive innovation hubs anywhere in the globe. And the UK government colleagues here and the British Embassy in Armenia, myself and others are here to help you every step of the way,” he added.