Thursday, February 23 2017 17:26
Naira Badalian

The Minister of Economic Development and Armenia announces start of investment boom

The Minister of Economic Development and Armenia announces start of  investment boom

ArmInfo. The Minister of  Economic Development and Investments of Armenia Suren Karayan  believes that an investment boom has begun in Armenia. This, in his  opinion, is not a hindrance, even the electoral processes, Suren  Karayan told reporters after the government session on February 23.  According to the minister, the evidence of the beginning investment  boom is also today's meeting of the Government which aproved eight  investment projects. According to the results, tax and customs  privileges are provided to the eight companies in various fields,  ranging from the field of energy, innovative technologies of solar  cell production, wine and tobacco industry, horticulture, to  apiculture, pharmaceuticals. 7 billion AMD is expected to invest,  which will create 350 new jobs. "In three of the eight presented  investment projects the state will provide benefits on payment of  customs duties, in four - privileges on VAT payment delay line for a  period of three years, and one company will receive the status of the  operator of the Free Economic Zone" Alliance", explained Karayan.  Projects have also rich geography as their implementation is planned  in Yerevan, Aragatsotn, Shirak, Syunik regions, he said.

To note, the level of direct foreign investments in the Armenian  economy in the past 2016 dropped to $90 million, being reduced  annually in the last 5 years from 40 to 50%. Meanwhile, the Ministry  of Economy of the state recently submitted a program under which in  2017, the implementation of investment programs totaling $ 495  million that will create about 6 thousand new jobs is expected in the  state. At the same time, the government addressed the living abroad  and rich representatives of the Armenian Diaspora to increase their  investments in the Armenian economy. 


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