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.