Iran-Armenia Trade Could Reach $1b

TEHRAN (Iran News) Speaking after leading a 96-member trade delegation to Yerevan, Bahraman emphasized that closer collaboration between the two chambers would play a pivotal role in advancing commercial and investment ties. The visit coincided with a joint business forum attended by Iran’s President and Armenia’s Prime Minister, where business leaders from both sides explored opportunities for cooperation.

Bahraman highlighted that since Armenia’s independence in 1992, relations between the two neighbors have remained friendly and based on good neighborliness. Geographic proximity, cultural ties, and historical links have provided a solid foundation for expanding trade, which has grown steadily in recent years.

According to official statistics, bilateral trade reached $737 million in 2024, marking a 6.5% increase compared with 2023. With infrastructure projects nearing completion, trade is projected to hit the $1 billion mark by the end of 2025.

Iran’s main exports to Armenia include energy (electricity and gas), food products, construction materials, petrochemicals, and pharmaceuticals. In return, Iran imports non-ferrous metals, machinery, specialty agricultural products, and IT services from Armenia.

Key joint projects under way include completion of the third Iran-Armenia electricity transmission line, which will raise energy exchange capacity to over 1,000 megawatts, as well as cooperation on transport and transit routes. Bahraman noted the strategic potential of the North-South Corridor and the Iran-Armenia-Georgia-Black Sea route, which could improve regional connectivity.

He also pointed to opportunities for joint investments in food and agricultural industries aimed at supplying the Eurasian Economic Union (EAEU), of which Armenia is a member.

Bahraman underlined the geopolitical advantages of deeper cooperation: Iran as Armenia’s gateway to ECO markets and neighboring states, and Armenia as Iran’s entry point to the EAEU’s 180 million-strong market. Expanded ties could also open Eastern European markets to Iranian businesses while strengthening value chains in food, mining, agriculture, and technology sectors.

The Vice President proposed new projects in renewable energy, joint mining ventures, processing plants in border regions, and shared technology parks in Yerevan for startups and knowledge-based firms. He also mentioned cooperation in IT, blockchain for digital trade, biopharmaceuticals, and medical equipment production.

In agriculture, suggested initiatives include joint farming complexes using Iranian greenhouse technology, agro-industrial processing, and overseas cultivation of strategic crops such as wheat and barley in Armenia. In tourism, Bahraman proposed health tourism routes, co-investment in hotels and resorts, and cultural festivals.

To support these ambitions, Bahraman called for expanded cooperation between the two chambers of commerce, including joint trade fairs, reciprocal business delegations, a shared arbitration center, and possibly a joint bank or barter mechanism to ease payments under sanctions. He also stressed the importance of logistics hubs in free trade zones such as Jolfa and Meghri.

During the Yerevan visit, the Iranian delegation met senior Armenian officials, including the State Revenue Committee, where both sides agreed to establish a joint committee of customs authorities and chambers of commerce to address trade barriers. Meetings were also held with Armenian parliamentarians and the Investment Support Center to review regulations and incentives for Iranian businesses.

Bahraman concluded that the combined will of governments and the active role of the private sector will be key to raising economic ties to a new level. “This cooperation will not only boost economic growth in both countries but also contribute to peace, stability, and security across the region,” he said.