Armenia starting to attract investors

PanARMENIAN.Net - In 2008 volume of direct investments into Armenia's economy comprised $1,9 billion, Armenian Agency of Development (AAD) Director General Robert Harutyunyan stated on Wednesday seminar, entitled "Commercialization of Scientific Researches". According to him, foreign investments' volume increased thrice compared to 2006 results, direct investments volume comprising $500 million. Currently, their volume exceeds 1 billion.



Major part of direct investments (50%) are effected by Russia, as the principal partner of Armenia. Significant investment programs are implemented in Armenia by Germany, France, Argentina.



So far, most- invested- in spheres in Armenia were telecommunication, mining and food industry, information technologies.



According to Agency Director, 3,7 thousand companies in Armenia work on foreign investments.



Considering Armenian market volumes, direct foreign investments are mainly directed at export. Investors are trying to find new markets for realization of their products. AAD is assisting the Armenian Government aiming to provide new markets for these companies.





The Director General stressed the importance of free trade with CIS states, Armenia's WTO membership, recently obtained possibility to employ GSP free trade regime for local goods. "All possibilities united, the Armenian manufacturers have a consumer market of 1 billion people," Harutyunyan noted.



Annual average GDP growth in Armenia is 8-10%, according to 2008 results GDP growth comprised $9,8 billion. State budget profits increased either, which is accounted for by better tax and customs administration, and increased business possibilities.