Karen Karapetyan called out inventorying investment projects

ArmInfo. Karen karapetyan, the Prime Minister of Armenia, at the Government Session held on January 19, called out to implement the inventory of existing investment projects.

The Prime Minister instructed to submit the roster of those investment projects assuming financial flows in 2017. According to clarifications of the Prime Minister,  during next week Armenian state entities  must submit the data on all the investments expected. Based on the figures presented, the Government will adjust the cash flows volumes expected  both in respect to the budget and to loan projects.  To remind, on December 28, 2016, summarizing the results of the year, Minister Suren Karayan stated, that the amount of investments into Armenian economy remains on very low level, Armenian Minister of Economic Development and Investments Suren Karayan stated on December 28 summing up the results of the year. According to the Minister as of 9 months of 2016 the net inflow of FDI into real sector of Armenia's economy totaled $92 mln or 1.3% of the GDP. "This level of FDI is insufficient for ensuring sustainable development of the country's economy. In the midterm perspective we should increase the amounts 5-fold", the Minister stated.

At the same time the Minister forecasts growth of FDI to $150-200mln in 2017. In this context he considers that taking into account small scale of domestic market Armenia should ensure for all the investors entry to large markets. Armenia should also improve business and investment climate facilitating procedures and achieving greater competitiveness in the region. "50 legal acts have already been adopted to that end and establishment of the Foreign Investments Protection Agency will be the next step", he stated.  According   to National Statistics service data, in Jan-Sept 2016, the net inflow of foreign investments in the real economy of Armenia dropped by 72% versus Jan-Sept 2015, and totaled 27 bln AMD ($57  mln), while the direct foreign investments (DFI) fell by 45% to 44.4  bln AMD ($94 mln), according to the National Statistical Service of  Armenia. In terms of FDIs, Cyprus, the UK and Luxemburg hold the top three positions, while the rest of the partner countries reduced the FDIs (most of them - to the negative level due to the prevalence of outflow).