Armenia and Lebanon have big achievements in 2015 trade and economic relations. Ambassador Extraordinary and Plenipotentiary of Lebanon to Armenia H.E. Mr. Jean Makaron said the aforementioned to “Armenpress”.

“A great number of Syrian businessmen, who have good relations with Lebanese traders and businessmen, settled in Armenia after the civil war burst out in Syria. They have fostered trade between Lebanon and Armenia,” Makaron said. The Ambassador noted with satisfaction that Armenia is an attractive country for Lebanese investors. A Lebanese company started a mega project for the first time in Armenia in May, 2015. Founder of Gardeni Lebanese Farms LLC Nicolas Abou Fayssal, purchased a 100 hectare land in Yeghvard where Pecan trees (species of hickory) have been planted on a 22 hectare territory. “After 5 years Armenia will be the second country after the United States in the production of pecan,” he said. Pecan is being grown in Armenia for the first time. It is expected to produce about 3000 tons of walnut in several years exporting it to other countries. Moreover, the number of Lebanese cuisines has grown in the capital. Beirut­Yerevan direct flight transporting the passengers from Yerevan to Beirut and vice versa within an hour facilitates trade relations.

“I believe in the private sector. The Lebanese are known for their business in the private sector. There is no need of memoranda to increase trade between the two countries. We have had better results this year than we had last year,” the Ambassador added. More than 100 companies operate in Armenia with Lebanese capital. The amount of Lebanese investments in Armenia as of 2011, has formed 103 million USD.

According to the official website of the Ministry of Foreign Relations of the Republic of Armenia, Armenia has made exports of 2 million 80.04 thousand USD to Lebanon and imports of 1 million 424 thousand USD. The exports amounted to 300.5 thousand USD and imports to 1 million 814.3 thousand USD in 2013.