Friday, March 17 2017 16:59
Alina Hovhannisyan

Expert: One should not qualify creation of Armenian-Russian Investment Fund as a Russian gift

Expert: One should not qualify creation of Armenian-Russian Investment Fund as a Russian gift

ArmInfo. One should not qualify creation of the Armenian- Russian Investment Fund as a Russian gift with due regard for friendly relations, President of the Republic Union of Employers of Armenia, economist Gagik Makaryan said at a press conference in Yerevan on March 17. "This is a mutually beneficial initiative," he said. 

The expert thinks that by initiating creation of the Fund, Russia intends to finance the Armenian manufacturing facilities, whose products will bring benefits to the Russian economy. "In fact, this is a purposeful initiative. Russia is set to develop in Armenia the sectors, which are of much importance to its economy," Makaryan said, stressing the significance of making correct assessment of such approaches.  

He said that formation of the given Fund should be carried out by the Russian private sector by means of procurement and stimulation of certain sectors. For Armenia, creation of investment funds will facilitate the launch of new up-to-date enterprises, which are necessary for economic recovery of Armenia.

To note, earlier on March 14, the Russian Direct Investment Fund and the SME Investments UCO (Armenia) signed in Moscow an agreement on establishment of the Armenian-Russian Investment Fund with a preliminary capital of USD 100 million (on a parity basis). The sides worked out attractive programs aimed at promoting trade, economic and investment cooperation and Armenia's EEU integration. The National Statistical Service of Armenia says that in 2016 the Armenian- Russian foreign trade turnover increased by 15.1% to $1.3 bln.  Exports rose by 51.5% to $371 mln, and imports - by 5.7% to $996 mln.

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