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Armenia can become a trade bridge between neighboring countries

Iranian Trade and Investment Agency intends to establish a branch in Yerevan.

October 16, 2010
Foreign investors believe that Armenia has created favorable conditions for business.

Armenia set to discuss 2011 national budget

The standing committees of the Armenian National Assembly will debate the draft budget from October 18 to 23.

October 11, 2010
The Armenian government has approved the 2011 draft national budget, with expenditures and revenues totaling AMD 1 trillion and AMD 850 billion respectively. The budgetary deficit is expected to amount to AMD 148,6 billion.

Why is it unprofitable to grow grain in Armenia?

As of the end of July 2010, 34 hail-suppression stations were set in Armenia.

October 4, 2010
Grain cultivation and harvesting comes to around AMD 182,000 per ha in Armenia. A farmer from Yeghvard town (Kotayk region of Armenia) told a PanARMENIAN.Net reporter that plowing of 1ha costs AMD 25, 000, grain sowing – AMD 8,000, land leveling – AMD 10,000, cultivation – AMD 12,000. Meanwhile, farmers have to pay AMD 20,000 for irrigation, while it is necessary to water grain three times a year.

Armenia deepens economic ties with Belarus and Iran

Armenian economy needs reorganization, specifically improvement of business environment and reduction of corruption risks.

October 2, 2010
The research carried out among 1066 industrial organizations showed a 6% increase of economic activity in Armenia. This week, delegations from Belarus and Iran arrived in Yerevan to deepen economic ties.

Does Armenian government combat inflation of stimulate it?

Unfavorable agricultural year and international market problems are named among the reasons of inflation.

September 25, 2010
According to preliminary statistical data, Armenia’s GDP was 3.1% higher in January-August 2010 as compared with the same period in 2009. The RA National Statistical Service reported that GDP amounted to AMD 2,042,788,800,000. Besides, consumer prices were 7.7% higher in January-August 2010 as compared with the same period last year. The monthly inflation rate reached 1.3%.

Armenian car owners are promised an ideal insurance model

Car insurance will cost AMD 30-40 thousand per annum.

September 18, 2010
On May 18, 2010 Armenian National Assembly approved the law on compulsory insurance of motor vehicles, which envisages payment of compensation to people who suffered in car accidents. Sale of insurance policies will start from October 1, 2010, with the law taking effect January 1, 2011.

New gas tariffs under discussion

For lack of gas resources, Armenia is extremely dependent on Russian Gazprom giant, which will again raise tariffs in 2011, continuing the policy of market pricing with Belarus, Moldova and Armenia.

September 11, 2010
By decision of the Public Services Regulatory Commission, the gas prices have risen 37.5%, totaling AMD 132 against the previous AMD 96 for ordinary consumers, and 13%, totaling USD 243.13 for 1 thousand cu m for enterprises respectively since April 1, 2010.

Armenia awaiting wheat supplies from Russia

Agriculture Minister Gerasim Alaverdyan assured that despite the global rise in prices for wheat, no drastic increase is expected in Armenia.

September 4, 2010
The low growth of Armenia’s GDP (4%) was caused by a slump in agriculture, which, according to Armenian Minister of Agriculture Gerasim Alaverdyan, is basically reasoned by decrease in fruit and vegetable harvest.

IFC develops activity in Armenia

IFC Executive Vice President and CEO Lars Thunell visited Armenia this week.

August 28, 2010
Armenia has been an IFC member and shareholder since 1995. IFC has been active in the nation over the years, with cumulative investments totaling $87 million in 18 projects across a range of industries. For the fiscal year that ended June 30, 2010, IFC’s commitments in Armenia climbed to a record $35.3 million, in response to the global financial crisis. IFC complements its investment activity in Armenia with an active advisory program that focuses on banking development, sustainable energy and investment climate.

Armenia seeks ways to develop wine-making

Head of Armenian Winemakers’ Union, Avag Harutyunyan, forecast 20-30% increase in grape harvest in Armenia compared with 2009.

August 21, 2010
Yerevan will be hosting Fruitfull Armenia winemaking forum on September 16-17. World-known oenologist Michel Rolland, invited as a special guest, as well as other participants, will be sampling the whole range of Armenian wines presented. A winner will be selected among 21 companies as a result of sampling. The forum to be opened by RA Prime Minister Tigran Sargsyan aims at promoting Armenian wine-making industry, implementation of new production technologies and search for marketing outlets.