Economics

Foreign investments increase in Armenia

The legislative reforms in investment field, as well as the increase of country’s recognition at international platforms contributed to increasing foreign investments flow in Armenia, Armenpress reports.

The volume of direct foreign investments in the first quarter of 2017 has increased by nearly 4.84%, comprising over 19.7 billion AMD. According to official data, most investments in the first quarter have been made in information and communication, processing industry, mining industry and energy fields.

Vahagn Lalayan, the head of Investment Attraction and Coordination Department at the Ministry of Economic Development and Investments, told Armenpress the major investors of the recent years are Germany, Canada, Lebanon, France, Cyprus, Argentina, Russia and the United Arab Emirates (UAE).

According to him, the next step is creation of platform for investment programs. Major prospective programs in Armenia are posted at investmentprojects.am website.

According to official data, most investments in the first quarter of the year have been made in information and communication, processing industry, energy and mining industry fields. Meanwhile, according to statistics, foreign investments have not been made in plant growing, cattle breeding, cigarette production, construction of buildings and other spheres. Speaking about these sectors, Lalayan said there can be numerous reasons.

According to the data of the ministry’s internal monitoring, 66 programs are being carried out in the first 6 months of 2017, with a total of 500 million USD investments which will provide 7140 new jobs. The majority of investments have been made by foreign investors. Based on the data of the first half of the year, over 230 million USD investments have already been made, nearly 2700 jobs have been created. These investments were mainly made in mining industry, agriculture, food industry, pharmacy. Over 45 million USD investments were made in agriculture, creating 640 jobs. The investments in IT and tourism spheres are also active. 167 million USD investments have been carried out in provinces, with over 2000 new jobs provided.

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