Thursday, January 26 2017 14:55
Naira Badalian

Minister of Economy: Russian investments in Armenian economy will make at least $ 300 million

ArmInfo. Russian investments in  the Armenian economy will make at least $ 300 million, the Minister  of Economic Development and Investment of Armenia Suren Karayan told  journalists after government meeting, noticing that the Russian  investor is interested in projects in the field of energy,  particularly in renewable energy, as well as in agriculture and  mining.

Before the government meeting, the Prime Minister of Armenia Karen  Karapetyan made a number of orders to the government by the results  of Russian-Armenian negotiations in Moscow.  In particular, the  Minister of Economic Development and Investment of Armenia is  instructed to conduct active organizational work towards ensuring  prompt operation of Armenian-Russian Investment Fund.  Besides, the  head of Armenian government instructed the Minister of Economy on the  basis of active cooperation with Russian partners to ensure  involvement of the Russian capital into FEZ works, being established  in Megri province on the border with Iran. According to Prime  Minister he expects to receive monthly reports on the conducted  activities.

After the government meeting the Minister Suren Karayan explained to  journalists that according to the agreements reached in Moscow, the  operation of joint Russian-Armenian Investment Fund will be aimed at  substituting the import, cooperation development in industries, as  well as at stimulating the export. The Minister considers that the  government will declare the establishment of the Fund in the upcoming  months. 

With regard to the expected investments, according to Karayan, the  upcoming parliamentary elections in Armenia, somehow is an obstacle  to ensure full financial flows into the state.  Nevertheless,  considering the work done with the potential investors, the Minister  of Economy expects investments of $500mln. 

According to the Ministry of Economic Development and Investment of  Armenia, for 9 months of 2016 net inflow of FDI in the real sector of  economy totaled $92mln or 1.3% GDP. "This level of GDP is not enough  for sustainable development of the state's economy. In medium term we  must increase this volume 5-fold", said the Minister Suren Karayan at  the final press conference.  He noticed that the GDP growth in 2017  is expected to be $150-200mln.

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