US Investments in Armenia Expected to Increase in 2006

PanARMENIAN.Net - «The relations between Armenia and the US continued developing and strengthening in various fields, including the political, trade and economic, as well as military and technical ones,» Armenian FM Vartan Oskanian stated at today's news conference on the results of the MFA activities in 2005. In his words, the most important acquisition in US-Armenian cooperation in 2005 can be considered the Millennium Challenge Corporation Board of Directors approving the program presented by Armenia and providing $235.65 million for its implementation. Realizing the program will allow developing infrastructures in rural regions of Armenia (roads and irrigation system), which will in its turn promote poverty reduction.



Mr. Oskanian mentioned a number of official visits to the US. In June 2005 the Armenian FM paid a formal call to Washington, where he meet with the US State Secretary, National Security Secretary, as well as the Congressional Caucus on Armenian Issues, while in September NA Chairman Artur Baghdassaryan visited US. During his meetings in the US bilateral cooperation and regional issues, including possible directions of settlement of the Nagorno Karabakh conflict and Armenian-Turkish relations, prospects of development of the South Caucasus. The Armenian FM emphasized the high level of humanitarian and technical assistance of the US to Armenia in 2006. In November 2005 the joint conference of the US House and Senate resolved to allocate $75 million to Armenia and $3 million to Nagorno Karabakh. As of the military assistance to Armenia and Azerbaijan, the parity will be sustained ($5.75 million to each). Armenia in its turn has provided $200 thousand to victims of hurricane Katrina.



In Oskanian's words, recurrent US-Armenian consultations were held in 2005, various groups specializing in the military field paid mutual visits. All those events enhanced the bilateral military cooperation to a qualitatively new level. The FM also noted development of bilateral economic cooperation. The US-Armenian Task Force for Economic Issues met in Yerevan and Washington in May and September. «The Californian Trade Office opened in Yerevan in September, which will allow encouraging Armenian-US trade and economic cooperation,» the Armenian FM said. Signing of an agreement to avoid double taxation is an important question to Armenia in that context.



Armenia is working to transfer relations with the US into the plane of mutually favorable programs, Armenian FM said. Under the conditions of further improvement of the investment atmosphere in Armenia increase of the flow of US investment capital is expected, as well as active participation of US companies in Armenia's economy and creation of joint ventures.