Armenia starting to attract investorsApril 1, 2009 - 17:35 AMT 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Ucom Celebrates Telecommunication Day May 17 commemorates the founding of the International Telecommunication Union on May 17, 1865. Armenian, Azerbaijani heads of parliament meet in Switzerland President of the Armenian parliament Alen Simonyan met with the Speaker of the Azerbaijani Milli Majlis Sahiba Gafarova. Border residents overnight on highway to protest Armenia’s Residents of Kirants continue to express outrage over the government’s decision to cede land to Azerbaijan. Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. |