Friday, December 16 2016 19:29
Alina Hovhannisyan

`Attraction of Investments and Assistance Mechanisms`` discussion with stakeholders held in  Development Foundation of Armenia

ArmInfo. A working meeting with stakeholders was held in the Development Foundation of Armenia (FDA) on the topic ''Attraction of Investments and Assistance Mechanisms''. Representatives of  the banks, investment companies, consulting companies, real estate agents, venture funds, stock exchange, as well as auditors were present at the meeting, the press-service of FDA informs.

''This is our first meeting with representatives of organizations involved in the investment process. We would like to hold such meetings at least once in quarter in order to regulate our cooperation more efficiently'', Executive Director of DFA Karen Mkrtchyan stated.

During the meeting Mkrtchyan presented to the attendees the mission of the Foundation, which is to assist export by attracting investments and develop tourism. Particularly, the events organized by the Foundation were presented aimed at revealing the potential of foreign investments, raising awareness about Armenia's investment climate, and providing services to investors. Mkrtchyan informed that in order to attract new investments it is planned to hold a number of large events i in 2017 inviting not only foreign investors but also representatives of the Armenian Diaspora.

The participants of the discussion raised a number of issues and presented constructive proposals.  The investment projects aimed at deepening ties between the state and private sectors also were subject to discussion.

To note, the Development Foundation of Armenia (DFA) was established in 2015.  Alongside its main mission of promoting the country's economic growth, the Foundation carries out its activities with the aim of enhancing Armenia's international ranking, recognition and competitiveness. DFA also implements projects that lend to cooperation between public authorities and entrepreneurs and other joint projects.

According to the National Statistical Service of  Armenia 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), The source says that the capital outflow fell mainly on Russia, and  the net flow of investments totaled negative 72.8 bln AMD (7-fold  drop as compared to Jan- Sept 2015) versus positive 14.2 bln AMD a  year before (down 62.8% versus Jan-Sept 2015). The DFIs from Russia  fell almost 6-fold from positive 14.4 bln AMD to negative 55.4 bln  AMD (versus 70.4% decline a year before). Along with this, most of the partner countries reduced investments in  Armenia's economy, and only Cyprus, the UK and Luxembourg increased  their investments, holding the top three positions in terms of the  investment amount.

To note, according to the revised November forecast by the World Bank the share of net flow of direct foreign investments in GDP will grow from 1.6% in 2015 to 2.5% in 2016 and will remain on that level in 2017 as well, after which in 2018 will slightly decline to 2.4%.  According to the National Statistical Service of  Armenia in 2015 direct flow of foreign investments into Armenia's  economy declined by 26.1% to 123.7 bln drams or $255.6 mln. FDI  declined in 2015 by 39.9% to 70.4 bln drams or $145.6 mln.

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