Trade between Iran and Armenia has increased by 40% despite the economic crisis and the financial meltdown in the world, Armenian envoy to Tehran said.
"The tendency has continued in 2011 as well," Armenian Ambassador to Iran Girgor Arakelian said.
There are different projects now underway which involve Armenia and Iran. A new motorway will soon be built to pass though Armenia in the direction of the Georgian Black Sea region which will make it easier for Iranian products to reach the Georgian Black Sea ports and further to Europe.
Substantial energy projects are also underway between Iran and Armenia for developing cooperation between the two countries.
Iran and Armenia have taken major strides to promote their bilateral relations in the last few years. The bilateral trade volume between the two states stands at nearly $270 million, a figure that is expected to rapidly climb in a near future, according to officials.
Iran and Armenia have mainly expanded cooperation in power and gas swap in recent years.
Iran mainly exports natural gas to Armenia and imports power supplies from the Caucasian state through two transfer lines with a total power transfer capacity of 220kw/ph at present.