Armenian Government announces creation of Investment Fund in Syunik province

ArmInfo. On December 15, the  Armenian Government announced creation of an investment fund to  attract investments to Syunik province. Armenian Minister of  Territorial Administration and Development David Lokyan said that the  Fund will become a platform for attracting financial means to the  investment projects aimed at ensuring the general development of the  province. The relevant idea was announced during the recent trip of  the Prime Minister to Syunik province. The Prime Minister expressed  hope that similar funds will be created in other provinces of the  republic as well.        

To recall, on December 8, the Government of Armenia approved the main  provisions of "Armenia's Jurisdiction" program and establishment of  the namesake Fund. Armenia's Minister of Economic Development and  Investments Suren Karayan stated that the main goal of the program is  to develop a platform, which will make Armenia more attractive for  investments. It will also stimulate flows of investments and human  resources to Armenia. "As a result of the program implementation  Armenia will become a more attractive and convenient hub for  investment flows between large markets", Karayan stated. The Fund  will also specialize in attracting financial means and technologies  to Armenia, contributing to enhancement of Armenia's international  image and introducing new standards of productivity and management,  increasing the country's investment potential. 

To note, a whole ministry, namely the Ministry of Economic  Development and Investments operates in Armenia for attracting  investments. It was called Economy Ministry and was renamed for this  very purpose. Besides, the National Competitiveness Foundation and  Armenian Development Agency were operating in Armenia, on the basis  of which Armenian Development Foundation was established. Against  this background, according to the National Statistical Service of  Armenia, the amount of direct foreign investments in Armenia's  economy over the past two years considerably dropped - from $290mln  to $90mln.