ArmInfo. Another platform will be created in Armenia aimed at raising investment attractiveness of the country. The government approved the main provisions of "Armenia's Jurisdiction" program and establishment of the Fund.
Armenia's Minister of Economic Development and Investments Suren Karayan stated that the main goal of the program is development of 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 Minister stated that for the implementation of the program it is planned to create "Armenia's Jurisdiction" Fund, which will develop infrastructure solutions in financial, tax-budgetary and court systems, drafts of new laws and other acts. The Fund will also specialize in attracting financial funds and technologies to Armenia, assisting to increase of Armenia's international ranking and introducing new standards of productivity and management, increasing the country's investment potential.
To note, a whole Ministry-Ministry of Economic Development and Investments operates in Armenia for attracting investments, which was called Economy Ministry and was renamed for this very purpose. Besides, National Competitiveness Foundation and Armenian Development Agency were operating in Armenia, on the basis of which Armenian Development Foundation was established. An at this background according to National Statistical Service of Armenia the amount of direct foreign investments into Armenia's economy within the recent three years dropped several-fold from $290mln to $90mln.
