Thursday, January 12 2017 13:13
Naira Badalian

Armenian Minister of Economic Development and Investments forecasts economic activity serious growth

Armenian Minister of Economic Development and Investments forecasts economic activity serious growth

ArmInfo. Armenian Government in 2017 expects export and investments cadence growth at least at the level of 2016, Suren Karayan, the Minister of Economic Development and Investments told journalists after the Government session on January 12.  Besides, following Minister's words, Armenia may increase the last year indications. "We also expect for investments growth in 2017, because we have done a lot of work in this aspect during the last Quarter of 2016, and have prepared the necessary base. Hence, we expect for a serious growth of economic activity of the country in 2017," Karayan said.

According to Minister's clarifications, in 2016 the model of Armenia's economic development has been revised. Proceeding from results of studies, the accent was put on the export based development of economy.

To remind, on December 28, 2016, summarizing the results of the year, Minister Suren Karayan stated, that the 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.

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