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.