Wednesday, February 1 2017 22:24
Naira Badalian

U.S. Ambassador: "Investment from ContourGlobal and Lydian will amount to about half a billion dollars over the next few years"

U.S. Ambassador: "Investment from ContourGlobal and Lydian will amount to about half a billion dollars over the next few years"

ArmInfo. "My first priority has been to deepen the business and trade relations between our two countries, as part of an overall focus on boosting Armenia's prospects for economic growth," U.S.  Ambassador to Armenia Richard Mills said in his remarks to American Chamber of Commerce of Armenia in Yerevan on Feb 1. 

"In keeping with the agricultural metaphor, let me mention first our ongoing contributions to Armenia's agricultural development.  Over the past two years, USAID has assessed this is a sector with significant economic and job potential - as well as the most effective way to prevent the migration out of rural villages - and that justifies new allocation of resources. So, USAID helped establish six new Farm and Veterinary Service Centers where local farmers can learn best practices in farm business development and animal breeding.  USAID also provided direct support to Armenian rural producers by supporting their participation in local and international trade expos and festivals, helping to establish rural agricultural cooperatives that boost local economies and create jobs. Thanks to these activities, in the past year alone forty-one new businesses have been established, an additional forty-one start-ups have received additional financing from USAID, and over 650 temporary and permanent jobs in rural villages have been created," Ambassador Mills said. 

He added that the Embassy has also pursued several initiatives in the fields of entrepreneurship and STEM, which stands for science, technology, engineering, and math. 

"Since the primary focus of my economic priority was the deepening of direct business ties between the U.S. and Armenia, I am delighted to report that we have made considerable progress this past year," he said, noting that ContourGlobal completed the acquisition of the assets of the Vorotan hydroelectric facility in 2016, and now represents the largest single U.S. private investment in Armenia's history and the first U.S. investment in Armenia's energy sector. In addition, ContourGlobal plans to invest more than 70 million dollars over the next several years - and create about 150 near-term jobs. 

"Meanwhile, another U.S.-affiliated firm, Lydian International, started the construction of its Amulsar mining project in 2016. By 2018, Amulsar will likely represent the largest U.S. equity investment in Armenia, with construction costs estimated at 370 million dollars from 2016 to 2018. During the peak construction phase up to 1,300 jobs will be secured, while 700 people will be employed directly by Lydian Armenia during 10 years of production.  I am happy to report that in a first for Armenia and mining operations here, Amulsar's Environmental and Social Impact Assessment has been deemed fully compliant with standards set by the World Bank and the European Bank for Reconstruction and Development.  Investment from ContourGlobal and Lydian will amount to about half a billion dollars over the next few years. Both companies also have been high-profile models of the concept of Corporate Social Responsibility in their respective interactions with local communities and by doing so, have encouraged its development among local Armenian companies as well," Richard Mills said.

One area where Ambassador Mills would encourage the Armenian government to be more active is Customs, because the simplified and transparent implementation of customs procedures is a necessary prerequisite for Armenia to expand trade with the rest of the world. "Although I recognize that Armenia has to harmonize its customs and other trade facilitation procedures to conform to those of the Eurasian Economic Union, I encourage the Armenian government not to lose sight of its continuing obligations with regard to the World Trade Organization and its other international trading partners. I specifically suggest that the Armenian government further review its use of "reference pricing" and classification procedures for goods imported from abroad, as these can create barriers to large-scale international trade and negatively impact Armenian consumers," Ambassador Mills said.

POST A COMMENT
Input digits     


News
Central Bank of Armenia: Net inflow of private transfers from Russia  increased 5.5-fold in 8 months of 2022Central Bank of Armenia: Net inflow of private transfers from Russia  increased 5.5-fold in 8 months of 2022
"C-Quadrat" is interested in further participation in the development  of Armenian pension system
Nikol Pashinyan: Armenia values cooperation with IAEANikol Pashinyan: Armenia values cooperation with IAEA
EDB: The service sector continues to be the main driver of Armenia`s  economic growth EDB: The service sector continues to be the main driver of Armenia`s  economic growth 
Armenia takes an intersectoral approach to solving problems of water  sector managementArmenia takes an intersectoral approach to solving problems of water  sector management
Government discusses investment program for construction of  new bus  station in Yerevan Government discusses investment program for construction of  new bus  station in Yerevan 
IMF will continue to support development of Armenian economyIMF will continue to support development of Armenian economy
Net inflow of remittances to Armenia continues to grow at very high  pace due to remittances from RussiaNet inflow of remittances to Armenia continues to grow at very high  pace due to remittances from Russia
Yerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  CommissionYerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  Commission
Armenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertificationArmenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertification
CBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previouslyCBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previously
The share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budgetThe share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budget
13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan
IFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in ArmeniaIFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in Armenia
SRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities informationSRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities information
High-voltage power line to Iran damaged due to Azerbaijani shelling:  MinisterHigh-voltage power line to Iran damaged due to Azerbaijani shelling:  Minister
Governor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percentGovernor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percent
CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022
FLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flightsFLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flights
Armenian tax authorities exceeded program tax collection target by  about $180 millionArmenian tax authorities exceeded program tax collection target by  about $180 million
Armenia to significantly increase capex for infrastructure projects  in 2023Armenia to significantly increase capex for infrastructure projects  in 2023
Yerevan becomes one of most popular destinations for Red Wings  passengersYerevan becomes one of most popular destinations for Red Wings  passengers
In 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of ArmeniaIn 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of Armenia
11%-12% GDP growth expected in Armenia in 202211%-12% GDP growth expected in Armenia in 2022
Yerevan Municipality, Asian Development Bank discuss new areas of  cooperationYerevan Municipality, Asian Development Bank discuss new areas of  cooperation
Tenders for construction of Kajaran-Agarak section of North-South  project to be invited Tenders for construction of Kajaran-Agarak section of North-South  project to be invited 
Armenian government discuss draft budget for 2023Armenian government discuss draft budget for 2023
With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%
CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%
The first snail breeding farm was established in ArmeniaThe first snail breeding farm was established in Armenia
EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%
Armenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expertArmenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expert
Wizz Air starts operating Rome-Yerevan-Rome flightsWizz Air starts operating Rome-Yerevan-Rome flights
3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place
Armenia`s GDP growth to be double-digit in 2022 - EconomistArmenia`s GDP growth to be double-digit in 2022 - Economist
 USD 25 million to support the private sector USD 25 million to support the private sector
Armenia`s economic activity increased by 13.9% in 8 months of 2022Armenia`s economic activity increased by 13.9% in 8 months of 2022
Armenia-Italy Textile Alliance Forum started in MilanArmenia-Italy Textile Alliance Forum started in Milan
Dmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow ExchangeDmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow Exchange
Armenia`s minister of economy hosts WB Country Manager for ArmeniaArmenia`s minister of economy hosts WB Country Manager for Armenia
EBRD launches climate governance platform for business leaders in  Ukraine, Georgia and ArmeniaEBRD launches climate governance platform for business leaders in  Ukraine, Georgia and Armenia
Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum 
Iran Khodro Company starts supplying cars to ArmeniaIran Khodro Company starts supplying cars to Armenia
Armenia, China are considering  possibility of organizing direct  flights between  countriesArmenia, China are considering  possibility of organizing direct  flights between  countries
Expert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilizeExpert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilize
Gradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economyGradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economy
CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%
Central Bank of Armenia raised refinancing rate from 9.5% to 10%Central Bank of Armenia raised refinancing rate from 9.5% to 10%
TOTAL opens training center in Etchmiadzin for training specialistsTOTAL opens training center in Etchmiadzin for training specialists
WB stands ready to continue to assist Armenian government in  implementation of priority programsWB stands ready to continue to assist Armenian government in  implementation of priority programs
Armenia`s producers to get 1% tax reduction for recalling spoiled  productsArmenia`s producers to get 1% tax reduction for recalling spoiled  products
FLY ONE Armenia transported over 200.000 passengers in its first year  in marketFLY ONE Armenia transported over 200.000 passengers in its first year  in market
Armenia`s minister of economy visits ski resort construction project  in Aragatsotn Armenia`s minister of economy visits ski resort construction project  in Aragatsotn 
Pashinyan instructs to find new investors for mines that are  currently not being developedPashinyan instructs to find new investors for mines that are  currently not being developed
AMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 FoundationAMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 Foundation
ACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefersACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefers
Presentation of Jobbit instrument held in Yerevan Presentation of Jobbit instrument held in Yerevan 
New power unit under construction at Kursk NPP could be serve as  standard for Armenia - ministerNew power unit under construction at Kursk NPP could be serve as  standard for Armenia - minister
Diaspora factor in Armenia`s investment portfolio is decliningDiaspora factor in Armenia`s investment portfolio is declining
Foreign investors present existing problems to Deputy Prime Minister  of ArmeniaForeign investors present existing problems to Deputy Prime Minister  of Armenia
Read more


Exchange rates
05.10.2022
RUB6.80-0.10
USD405.70-0.79
EUR402.620.40
GBP461.32-0.01
CAD298.860.67
JPY28.110.02
CNY57.14-0.11
CHF412.761.21