"Armenia`s Jurisdiction" Fund to be established in Armenia aimed at attracting investments

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.