YEREVAN (Noyan Tapan)–Minister of Industry and Trade Gagik Nanagoulian and the chairwoman of the Russian State Committee for the Development of Small Business–Irina Khakamada–signed a memorandum on the promotion and development of small business in the two countries. The memorandum aims to promote the establishment of joint ventures and development of trade in the sphere of small and medium business. For the development of cooperation between the two countries–the sides pointed out the importance of strengthening trade and economic relations–exchange of experience–and joint seminars and meetings.
"Small businesses at different levels of development exist today in different countries–and Russia is a leading country in that sphere," Nanagoulian told journalists following the signing of the memorandum. He added that the exchange of experience is important for Armenia and Khakamada already brought "four to five boxes of necessary documen’s."
Nanagoulian did not ignore the fact that Russia had serious economic problems. He reported that the activities of the investment fund for the development of small and medium business recently established in Russia failed–as it was an attempt to establish one more bureaucratic financial institution. Nanagoulian said that the government should pursue general policy in this sphere–but not play a role in governing financial institutions.