United Kingdom and Armenia consider possibility of creating a training center for energy specialists retraining

ArmInfo. The United Kingdom  and Armenia are considering the possibility of creating a joint  training center for the retraining of energy specialists. This was  stated during the meeting of the Minister of Energy and Natural  Resources of Armenia Ashot Manukyan with the Commissioner for Trade  and Investment of Great Britain in Armenia and Georgia Mark Prechard  and the Ambassador Extraordinary and Plenipotentiary of Great Britain  to Armenia Judith Farnworth. This was reported by the press service  of the department.

Manukyan noted that the Ministry plans to achieve exceptional  transparency in the mining sector in the next 1-2 years. In addition,  regarding the Armenian-British partnership in the energy sector, he  expressed confidence that cooperation will develop and expand.

Ambassador Farnworth, noted that the British government is ready to  deepen economic cooperation with Armenia and ensure investment.  Speaking about Armenia's membership in the Extractive Industries  Transparency Initiative, it was noted that cooperation with the  British Embassy will help ensure that Armenia, having passed the  international ratification process in 2019, could be recognized as a  country that meets the standards of the initiative.

According to the source, during the meeting, the programs for the  construction of the solar photovoltaic station Masrik-1 and Shnokh  hydroelectric power station were presented. The sides expressed  readiness to increase the effectiveness of cooperation in the energy  sector.

According to the National Statistical Service of Armenia, the gross  inflow of investments from Great Britain into the real sector of the  Armenian economy amounted to 261.1 billion drams or $ 545.7 million  (an annual growth of 41.8%) by October 1, 2017, out of which FDI -  94.7 billion drams or $ 197.8 million (annual growth of 2.6%). After  deduction of repayments, the flow of investments from Great Britain  amounted to 85.6 billion drams or $ 178.9 million at the same date  (annual decline by 31.1%), out of which FDI - 52.8 billion drams or $  110.5 million (annual decline of 42.2%).