Sargsyan Courts China

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.