Armenian economy tends to stabilize

PanARMENIAN.Net - World Customs Organization (WCO) Secretary General Kunio Mikuriya is carrying out a two-day visit to Armenia to get personally familiarized with custom services' operations and current reforms, RA State Income Committee's press service reports.

Secretary General's visit is accounted for Armenia's considerable progress which received WCO's high assessment, Committee says in a release.

Kunio Mikuriya met with RA State Income Committee Chair Gagik Khachatryan. Parties discussed possibilities of introducing "Columbus" program in Armenia.

"We intend to make Armenia a customs transformation model in entire region and introduce its experience to other states," WCO Secretary General said.

World Customs Organization is presently the only international structure dealing purely with customs issues. It currently has 174 member states which are offered to join various conventions and other international instruments. Armenia has been a WCO member since 1992.

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International PanArmenian Expo 2009 Exhibition will be held from October 23 to 25 in the Sports Concert Complex after Demirchyan. As the Chairman of the Armenian Chamber of Commerce Martin Sargsyan informed, anyone can follow the work of the exhibition at on-line.

According to him, PanArmenian Expo 2009 is a multi-disciplinary exhibition, production of small and medium local businesses in construction, food and textile enterprises, services and transport are represented here, as well as products from 15 countries are featured. Mr. Sargsyan noted that products and companies opened in terms of financial and economic crisis are also exhibited.

Exhibition PanArmenian Expo 2009 held third time by the Chamber of Commerce of Armenia.

Soch is actively negotiating for intensifying collaboration with Yerevan, Sochi Town Council Chairman Valery Podpomogov told PanARMENIAN.Net reporter. As Valery Podpomogov reported, recently Sochi Mayor visited Yerevan to meet his Armenian colleague. Based on meeting results, the parties determined priority directions for bilateral collaboration.

In this context, he added that a visit of Yerevan delegation to Sochi is scheduled. Yerevan-Sochi collaboration agreements will be concluded, stipulating for visa regime facilitation among other contract terms. "Sochi has much to learn in consumer service and construction sphere issues. We are especially interested in the development of heavy and mineral resource industry technologies as well as construction sphere," Valery Podpomogov noted.

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In a recent session, Government introduced amendments to the laws on trademarks and geographical notes. Amendments aimed at ensuring the legal protection of trademarks and bringing RA legislation in compliance with European intellectual property standards.

Established procedures will rule out possibility of brand repetition or similarity, RA Economy Minister Vahe Danielyan said. "Earlier, the entire process was restricted by official trademark registration. Under amended laws, Intellectual Property Agency will publish them two month after registration."

Changes were also made in the mechanisms determining product origins, Minister said. "European mechanisms establish special procedures for geographical notes, ensuring the protection of local producers."

Prime Minister Tigran Sargsyan added in turn that the project had been discussed with interested parties who introduced their viewpoints. Touching on certain enterprises' problems within the frames of legislation, premier said that international experience provided "clear-cut answers to their questions".

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VTB Bank Armenia announced mortgage and automobile credit rates decrease, as well as crediting process expedition, bank's press service reported.

Annual real estate credit rates decreased from 19,5% to 14%, automobile credit rates -from 18% to 12%.

Due to updated retail credit management system, automobile credit applications processing is completed within 3 working days and automobile credit applications -within 5 days.

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By opening a new branch in Artashat city (Ararat region) ProCredit Bank successfully expanded into a new region, launching a new agricultural lending project, the bank's press service reports.

As noted by ProCredit Bank CJSC Executive Director Bertolt Hertzfeldt the bank aims to assist in development of agriculture as an important branch of economy. "The new services distinguish themselves in the market by their favorable conditions for clients, such as flexible repayment and collateral conditions.," he said.

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As part of its new autumn offers Araratbank provides its clients a new approach to the term deposits, press office of the bank reports.

Urgent dram deposits will be drawn at a 11 per cent per annum rate, and dollar deposits - by 9 per cent per annum," the report said.

In addition, for deposits, attracted for 45 to 90 days, the 7.5 percentage annual rate per is offered for dram deposits and 2.5 percentage annual rate for dollar deposits.

For the deposits attracted for 91 to 180 days, the 8.5percentage annual rate per is offered for dram deposits and 4.5 percentage annual rate for dollar deposits.

At the same time, 9 and 6 percentage annual rates are offered for the dram and dollar deposits, attracted for 181 and 270 days respectively, and 10.5 and 8 percentage annual rates are offered for the dram and dollar deposits attracted for 271 and 365 days, 11 and 9 percentage annual rates are proposed for dram and dollar deposits attracted for 366 and 546 days respectively.

Deposits for more than 546 days, as in drams, or in the U.S. dollars will be engaged on a contractual basis. Contractual interest rates will also be offered for deposits of 20 million drams or U.S. dollar equivalent.

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A 3-year collaboration memorandum was signed between Softline and CBA, Softiline Director General Armen Karapetyan reported. According to memorandum signed in May 2009, CBA will receive expert assistance in hi-tech software implementation.

Many commercial banks in RA are still using unlicensed software, part of them already switched to Oracle Databases.

Besides, the company offers IT audit services for banks, assisting in the choice or software and software plan development, thus exempting them from unnecessary expenditures.

According to the expert, usage of IGOV Oracle software both in public and banking sectors will increase activity as well as safety effectiveness in information gathering, maintenance and transfer.

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Akhuryan railway station on the Armenian-Turkish border will be opened next month, Shevket Shajdullin , Director General of "South Caucasus Railways," told a press conference in Yerevan.

"Following the ratification of the protocols signed in Zurich between the foreign ministers of Armenia and Turkey, we will conduct meeting with the Turkish side, after which conditions for the railway communication will be clearly worked out," he said.

As Mr. Shajdullin explained they will need to create a new format of relations, since with the CIS countries SCR works "in the so-called CIS format".

SCR general director also added, that since Turkey has joined the Convention on the railway transport, then Armenia, represented by SCR will have to accede to it.

As Mr. Shajdullin stressed, the main task is not just in opening the Akhuryan station, but rather "the main task is to enter the corridor of Europe, the Caucasus and Asia the right way which would enable Armenia to become part of an international logistics center. In this direction, he said, about 70 cars will be involved and to appropriate traffic will be ensured.

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Turkey and Iran plan a tax-free industrial zone on the border between the two countries, Turkish Industry Minister Nihat Ergun said, business daily Referans reported on Tuesday.

The zone, where companies from the two countries may sell goods such as fuel products, electricity and technology, may be established near the eastern Turkish town of Iğdır, Ergun said.

Prime Minister Recep Tayyip Erdoğan may pen an agreement on the new facility during a visit to Tehran next week, Referans reported.

Armenia and Syria could also be included in the project, Referans cited Ergun as saying.

Iran and Turkey plan to join forces to set up an industrial township on their common border, says the Iranian ambassador to Ankara.

In a meeting with Turkish Foreign Trade Minister, Zafer Caglayan, Iranian Ambassador, Bahman Hosseinpour, said that Iran's offers to expand transportation cooperation and establish joint industrial townships will help cement ties.

Iran and Turkey plan to double the annual trade volume between the two countries from $10 billion in 2008 over a five-year period.

Caglayan also said that "a special team from the Ministry of Foreign Trade and the Ministry of Trade and Industry" is studying the implementation of a industrial township on the common border between the two countries.

Caglayan also added that he will accompany Turkish Prime Minister, Recep Tayyip Erdogan, during his upcoming visit to Tehran.

The two sides plan to sign a free-trade agreement, create a joint economic zone and upgrade the Lake Van Northern Passage Project to an electrified railway in a bid to boost business transactions.

Tehran and Ankara also aim to remove all limits and fees for overland transportation.

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By the end of 2009, ArmRosGazprom CJSC anticipates gas consumption rate to drop by 15%, company's General Director Karen Karapetyan said.

The cash flow management system elaborated by company's financial experts and employees will ensure implementation of all projects. "We'll end the current year without any harm to the projects," he said.

However, the company will register no profit either. That's mainly because of "the crisis and fluctuating course of Armenian Dram," he added.

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Russian gas supply at $ 180 per 1000 cubic meters is an unprecedented price, Karen Karapetyan told today journalists in Yerevan. At that he noted that company is currently conducting negotiations, and has reached preliminary agreement for purchasing gas at $180 per 1000 cubic meters. "Negotiations are under way, and prices may be reviewed depending on changes in world market, but we elaborate our strategy based on the price established," he added.

Karapetyan finds such price the best in the region, however, believes that "we, Armenians always demand a special attitude. That's an unpromising and annoying conduct, since there is necessity to make gradual transition to economic categories." Since company's inception (12 years), he said, Armenia had exclusive tariffs on gas, and over that period, it should have been prepared for market prices.