Armenia`s Ministry of Economy: Legislative framework for attracting foreign investments will be improved in Armenia

 

According to him, after of collapse of the Soviet Union and until quite recently Armenia did not have comprehensive approach to investment policy. And only in 2015 Concept of Investment Policy was 

approved in post soviet Armenia for the first time, as well as a program on implementation of its provisions. The Head of Department noted that since 2015 operation of Meridian free economic zone was launched, in which 14 mln USD has already been invested and more than 20 new jobs were created. There is an agreement with two other companies, which have expressed interest in exploitation of the zone and making investments in amount of 17 mln USD. Another two new companies joined Alliance free economic zone, expressing intention to make investments in amount of 10 mln USD, which will provide creation of another 80 job places. 

 

Four companies have been granted benefits, which are exempted from customs duties this will allow them to invest 47 mln USD in the country's economy and open 210 jobs. Export Insurance Agency of 

Armenia insured Armenian exporter companies for a sum of 7 mln USD. Another two companies received guarantees in an amount of 610 thousand USD.

 

The Head of the Department emphasized that in January-September 2015 direct foreign investments into Armenia's economy totaled 296.3 mln USD that is by 80 mln USD more than the indicator of the same period of 2014. Switzerland is a leader in investments (93.4 mln USD), followed by Germany (62.2 mln USD), Luxemburg (59 mln USD), Argentina (41 mln USD), UAE (21 mln USD) and France (20.5 mln USD). Investments were mainly directed in such fields as mining industry, processing of agricultural products, energy, retail and wholesale trade, information, communication and agriculture.