Geographical location and cheap labor could draw investments in Armenian economy

PanARMENIAN.Net - Armenia's suitable geographical location and its closeness to CIS and Central Asia, can serve as a favorable factor in attracting foreign investments, Armenian Agency of Development (AAD) Director General, Robert Harutyunyan stated at Wednesday seminar, entitled "Commercialization of Scientific Researches". ''Currently CIS and Central Asia markets attract investors the most, as the world financial crisis did not affect them as much as it did the markets in many developed countries.''



AAD Director stressed that simplified methods of trade could be of special interest to Armenian investors. Possibility of Armenian-Turkish border opening could draw a flow of foreign investments into Armenian economy,'' Harutyunyan said, adding that geographical location and cheap labor is a stimulus for investments in Armenian economy.

According to statistics, 70% of Armenian workforce possess high qualifications, 27% is partially qualified and only 4% are unqualified.

According to AAD data, in 2008 volume of direct investments into Armenia's economy comprised $1,9 billion.