The diversification of the economy occurs when a country has multiple major trading partners as well as numerous smaller ones, rather than being solely dependent on one main trading partner. During a press conference on March 7th, the Minister of Economy, Georgy Papoyan, emphasized the importance of economic diversification for Armenia. He explained that it is a continuous process aimed at reducing Armenia’s dependence on the global market and decreasing other countries’ reliance on Armenia. When asked about finding alternative logistics options to Russia, the Prime Minister acknowledged the challenge caused by closed borders but assured that the government is actively searching for new avenues to expand Armenia’s economy and improve competitiveness in all sectors.