Wednesday, December 28 2016 17:40
Naira Badalian

Minister of Economic Development and Investments of Armenia forecasts growth of FDI to $150-200mln in 2017

Minister of Economic Development and Investments of Armenia forecasts growth of FDI to $150-200mln in 2017

ArmInfo. 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.

Suren Karayan informed that as a result of Armenian Prime Minister's visits to the country's regions a number of business ideas have been gathered, which can become basis for implementation of investment programs of local importance. "160 programs have been developed, 110 of which were developed in the regions with total amount of $240 mln", he noted. Prospects of implementation of a number of programs have already been discussed in the Ministry and developed into a format presentable to potential investors.  32 of these programs were presented during the Minister's visit to UAE.

As a result of the work Karayan stated that in Q1 2017 7 projects will be implemented via investments amounting to 3 bln drams on establishing and expanding existing companies, as a result 824 jobs will be opened.

Karayan informed that an investment fund will be established in Q1 2017 aimed at assisting investment programs. Another investment fund will be established jointly with UAE, which will support implementation of a number of business ideas.

The Minister recalled that within the year two investment forums were organized in New York and in Iran.  During the investment forum held in New York on October 10 an agreement on cooperation was reached which was reinforced during the visit of the founder and head of "Ophardt Hygiene Technologies" company to Yerevan. "Already in Q1 2017 they will launch production of medicine products in Armenia, particularly antiseptic agents and dispenser devices", the Minister stated. The German side has already signed relevant agreements with the medical centers of Armenia and purchased a land for construction of the plant.

In 2017 Armenia will hold two investment forums: one in the United Arab Emirates in March and the other in France in the end of February, the Minister noted. 

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).

READ ALL COMMENTS

niko company limited
our company wants to invest on solar enrgy through the government of Japan. please advise us how can i take part in your coountry regarding invetment.thanks

POST A COMMENT
Input digits     


News
Global Finance: Converse Bank is Armenia`s leading bank in Trade FinanceGlobal Finance: Converse Bank is Armenia`s leading bank in Trade Finance
Expert forecasts that growth of business activity in Armenian economy  to reach 7% this year Expert forecasts that growth of business activity in Armenian economy  to reach 7% this year 
Wizz Air to start operating flights to 4 new routesWizz Air to start operating flights to 4 new routes
ZCMC paid unprecedented taxes in 2022, exceeding the figure of the previous year by almost two and a half times.ZCMC paid unprecedented taxes in 2022, exceeding the figure of the previous year by almost two and a half times.
Armenian NPP comments on Azerbaijani Human Rights Commissioner`s call Armenian NPP comments on Azerbaijani Human Rights Commissioner`s call 
Armenia`s IT sector rapidly developing - reps Armenia`s IT sector rapidly developing - reps 
Armenia, Qatar discuss opportunities for investment cooperation Armenia, Qatar discuss opportunities for investment cooperation 
44,929 more officially registered jobs in Armenia as against last  year44,929 more officially registered jobs in Armenia as against last  year
Italian businesses interested in Armenia`s investment environment Italian businesses interested in Armenia`s investment environment 
Vahan Kerobyan raises Artsakh issue at Global Forum on Food and  Agriculture in BerlinVahan Kerobyan raises Artsakh issue at Global Forum on Food and  Agriculture in Berlin
Corporacion America  CEO expresses readiness to increase investments  in ArmeniaCorporacion America  CEO expresses readiness to increase investments  in Armenia
Loss ratio in CMPTL market decreased from 79% to 66% in 2022 Loss ratio in CMPTL market decreased from 79% to 66% in 2022 
Armenian banks record 3-fold growth in net profit in 2022Armenian banks record 3-fold growth in net profit in 2022
901 transactions to amount of over AMD 56bln effected under economic  modernization programme in 2022901 transactions to amount of over AMD 56bln effected under economic  modernization programme in 2022
Armenia`s economy will not be able to withstand the expansion of  Turkish goods- EconomistArmenia`s economy will not be able to withstand the expansion of  Turkish goods- Economist
Armenia`s government to support hotels in Syunik, Vaiots DzorArmenia`s government to support hotels in Syunik, Vaiots Dzor
In Armenia, terms for removing arrest from citizens` accounts to be  reduced to 1-2 days from previous 7 days or moreIn Armenia, terms for removing arrest from citizens` accounts to be  reduced to 1-2 days from previous 7 days or more
Share of Armenia`s authorized capital in  EDB increased to 4.2291%,  while Russia`s stake in EDB decreased  to 44.7878%  Share of Armenia`s authorized capital in  EDB increased to 4.2291%,  while Russia`s stake in EDB decreased  to 44.7878%  
Armenia, Germany discuss number of issues on cooperation in economic  sectorArmenia, Germany discuss number of issues on cooperation in economic  sector
$350mln to invested in Zvartnots International Airport$350mln to invested in Zvartnots International Airport
Declaration of income: We have not achieved tax egalitarianism -  ExpertDeclaration of income: We have not achieved tax egalitarianism -  Expert
In Jan-Nov 2022, Armenian-Georgian trade turnover doubled compared to  2021, amounting to $759 million- PashinyanIn Jan-Nov 2022, Armenian-Georgian trade turnover doubled compared to  2021, amounting to $759 million- Pashinyan
Irakli Garibashvili announces about 70% increase in foreign trade  turnover with ArmeniaIrakli Garibashvili announces about 70% increase in foreign trade  turnover with Armenia
The beneficiary of The beneficiary of "The Power of One Dram" in January is the educational program "Talentum"
Fly Arna airline announces launch of new nonstop flights to Saint  PetersburgFly Arna airline announces launch of new nonstop flights to Saint  Petersburg
Vardan Aramyan: With the current quality and level of investments,  there is no need to talk about the growth of the economy`s potentialVardan Aramyan: With the current quality and level of investments,  there is no need to talk about the growth of the economy`s potential
Ministry of Economy of Armenia expects that ferry service to start  operating in Q1 2023Ministry of Economy of Armenia expects that ferry service to start  operating in Q1 2023
Armenia`s gross international reserves move down from historical highArmenia`s gross international reserves move down from historical high
Armenia`s tax revenues AMD 1,926bln in 2022Armenia`s tax revenues AMD 1,926bln in 2022
Robert Khachatryan: receiving station and satellite control center to  be put into operation during 2023Robert Khachatryan: receiving station and satellite control center to  be put into operation during 2023
Armenia extending restrictions on import of cement and clinkerArmenia extending restrictions on import of cement and clinker
New Year in Idram. results of 2022New Year in Idram. results of 2022
Ameriabank named Best Foreign Exchange Bank in Armenia by Global FinanceAmeriabank named Best Foreign Exchange Bank in Armenia by Global Finance
Economic growth in 2022 is not inclusive and leads to widening of  social gap - Luys FoundationEconomic growth in 2022 is not inclusive and leads to widening of  social gap - Luys Foundation
In 2022, social investments of Zangezur Copper-Molybdenum Plant  amounted to about 3.5 billion dramsIn 2022, social investments of Zangezur Copper-Molybdenum Plant  amounted to about 3.5 billion drams
Tariff for final consumers of electricity in Armenia will remain  unchanged in 2023Tariff for final consumers of electricity in Armenia will remain  unchanged in 2023
CBA to put into circulation new batch of 3rd generation thousandth  banknotes from January 23, 2023CBA to put into circulation new batch of 3rd generation thousandth  banknotes from January 23, 2023
Vahan Kerobyan: Unemployment rate in Armenia in 2023 will be below  10%Vahan Kerobyan: Unemployment rate in Armenia in 2023 will be below  10%
$56mln recovered to state budget in 2022$56mln recovered to state budget in 2022
CBA improves net private transfers forecast for 2022CBA improves net private transfers forecast for 2022
CBA improves unemployment forecast for 2022 CBA improves unemployment forecast for 2022 
RF Deputy Minister: financial institutions of Russia, Armenia are  expanding  network of correspondent relationsRF Deputy Minister: financial institutions of Russia, Armenia are  expanding  network of correspondent relations
Vahan Kerobyan: Number of labor migrants to reduce significantly next  yearVahan Kerobyan: Number of labor migrants to reduce significantly next  year
EDB analysts expect 12% growth in mutual trade in EAEU by end of 2022EDB analysts expect 12% growth in mutual trade in EAEU by end of 2022
Analyst: Global confrontation between West and Russia urgently  dictates the acceleration of integration processesAnalyst: Global confrontation between West and Russia urgently  dictates the acceleration of integration processes
Minister of Economy voices main risks to achieve economic growthMinister of Economy voices main risks to achieve economic growth
Final phase of ADB-financed bypass road program startsFinal phase of ADB-financed bypass road program starts
Deputy Prime Ministers of Armenia, Russia took part in solemn  ceremony of commemorative cancellation of stamp on establishment of  diplomatic relations between countriesDeputy Prime Ministers of Armenia, Russia took part in solemn  ceremony of commemorative cancellation of stamp on establishment of  diplomatic relations between countries
First stage of work under First stage of work under "Engineering City" program has been  successfully completed
Deadlines for submission of income declarations by individuals have  been changedDeadlines for submission of income declarations by individuals have  been changed
Armenia, Netherlands discuss new opportunities for cooperation in  technological fieldArmenia, Netherlands discuss new opportunities for cooperation in  technological field
Over 700,000 officially registered employees in Armenia Over 700,000 officially registered employees in Armenia 
Armenian Parliament elects CBA Deputy Governor and new member of CBA  Board Armenian Parliament elects CBA Deputy Governor and new member of CBA  Board 
IFC, Amundi-Acba Launch Partnership to Increase Investment in Armenia’s InfrastructureIFC, Amundi-Acba Launch Partnership to Increase Investment in Armenia’s Infrastructure
Structural reforms more urgent amid significant uncertainty – IMFStructural reforms more urgent amid significant uncertainty – IMF
Experts: Armenia`s energy security is key component of national  securityExperts: Armenia`s energy security is key component of national  security
Vahe Hovhannisyan appointed new Minister of Finance of ArmeniaVahe Hovhannisyan appointed new Minister of Finance of Armenia
First in Armenia. IDBank presents Visa Travel card for travel loversFirst in Armenia. IDBank presents Visa Travel card for travel lovers
Structural reforms more urgent amid significant uncertainty – IMFStructural reforms more urgent amid significant uncertainty – IMF
Turkish citizens own 100 real estates in Armenia, Azerbaijani  citizens - up to 10Turkish citizens own 100 real estates in Armenia, Azerbaijani  citizens - up to 10
Read more


Exchange rates
27.01.2023
RUB5.71-0.02
USD396.020.37
EUR431.27-0.19
GBP490.04-0.21
CAD297.401.83
JPY30.510.01
CNY58.490.05
CHF430.13-0.77