SARGSYAN COURTS CHINA
EurasiaNet.org
May 3 2010
NY
Armenian President Serzh Sargsyan is on a mission to Shanghai. The
president has requested Chinese corporations to stop over in Armenia
as they make their way toward Western markets.
After tanking by more than 18.2 percent in 2009, the Armenian economy
could definitely use some Chinese cash. Hundreds of millions of
dollars in life support from international donors have not yet made
up for that amputated economic growth.
On the sidelines of the World Expo, where China flaunted its
booming economy, Sargsayn signed a cooperation memo with Chinese
telecommunication technology giant Huawei Technologies. Sargsyan tried
to gauge the interest of Huawei and its rival Zhong Xing Equipment
in several projects in Armenia.
International development groups have urged Armenia to diversify
its sources of income after revenues from foreign remittances and
its once booming construction sector dried up amidst the global
financial crisis.