Schneider Electric seek to move technological production to Armenia

ArmInfo. Prime Minister of Armenia Hovik Abrahamyan received a delegation of Schneider Electric (France) headed by President for Russia/CIS Johan Vanderplaetse today, on August 18. 

According to the Government press-office, the prime minister welcomed the initiatives of the French company in Armenia and implementation of investment programs as well as practical steps therein.  Johan Vanderplaetse, in turn, thanked for reception saying he studied the opportunities of implementing investment projects in Armenia and finds the conditions for electric power generation quite favorable in the country. He said Schneider Electric seeks to move the technological production to Armenia, apply up-to-date production technologies and cooperate with higher education establishments for training of the necessary human resources.

As ArmInfo reported earlier, on Wednesday, Schneider Electric - a French multinational corporation that specializes in electricity distribution, automation management and produces installation components for energy management - is going to make investments in Armenia, Gagik Makaryan, Chairman of the Republican Union of Employers of Armenia, told reporters. He noted that the company's representatives seek to create their first office in the South Caucasus region in Armenia. "Schneider Electric has already expressed its willingness to invest in solar and wind power engineering," he said, stressing that the entry of such an authoritative company into the local market can cause other well-known foreign investors' as well. 

Schneider Electric is a global expert in electricity management and industrial automation. The company has offices in more than 100 countries.  

According to the National Statistical Service of Armenia, in 2015 the foreign trade turnover between Armenia and France amounted to $71.2 mln, with a 16.1% year-over-year decline. Exports made up $6.1 mln (down 20.3%), and imports - $65.1 mln (down 18.4%). In Jan-Apr 2016, the total commodity turnover amounted to $15.2 mln (down 33.1% versus Jan-Apr 2015), with exports being $1.3 mln (down 10.2%), and imports - $13.9 mln (down 34.7%).

The National Statistical Service says that the net inflow of aggregate foreign investments to Armenia totaled 3.5 mln USD in Q1 2016 versus 126.5 mln USD in Q1 2015. On July 15, Armenian Economy Minister Artsvik Minasyan said that Armenia expects $800 mln investment and intends to revise the investment legislation. He noted that according to preliminary agreements, China, the US and EU member states are expected to invest in some sectors of Armenian economy in the near future.