Capital outflow from Armenia to Georgia in tourism sphere totals $300mln.

July 20, 2011 - 15:26 AMT

PanARMENIAN.Net - Capital outflow from Armenia to Georgia only in the sphere of tourism totals $300mln, according to Head of Alternative Armenian analytical center, Doctor of Economics, Tatul Manaseryan.

Only during tourist season this amount equals some $100 mln., moreover, if we add business investments in tourist industry, namely, construction of hotels, the amount may be tripled, Doctor of Economics told July 20 Yerevan-Moscow TV bridge on Capital Outflow; Post-Soviet Space.

Manaseryan explained such interest towards Georgian market on the part of Armenian businessmen by those reforms and changes that the country authorities have undertaken for improving business climate. “As a result, those who have savings and even companies with solid capital invest in Georgia, mainly to the sphere of services,” Head of Alternative analytical center said.

In this context the economist added that the capital outflow volume cannot be traced, since deals are not always concluded though banking system, therefore the real capital outflow to Georgia is much higher.

Simultaneously, Manaseryan hesitated to name the neat number of capital outflow from Armenia to other countries for the last 20 years due to lack of statistics, but he thinks the amount reaches billions. The economist explained that it comes to both financial resources and human capital, adding that people leaving the country for mentioned period were highly qualified specialists.