ArmInfo. Anapa, Russia, will implement $500,000 worth investment projects in Armenia, Mariam Manukyan, Chairperson of the Committee for Promotion of International Business Ties, told a news conference on Nov. 11.
The agreements between Armenian and Russian businesses were reached due to cooperation with the Women's Business Committee, Anapa Chamber of Commerce. The investment projects will be implemented in the tourism and education sectors, with an emphasis laid on regional development. An ecotourism development project in Gyumri is on the agenda.
Nvard Zakaryan, Chairperson of the Women's Business Committee, Anapa Chamber of Commerce, said that the Russian side in most interested in real estate, restaurant business - and not only in Yerevan, regional expansion plans are on the agenda as well. The organization is represented in 36 Russian regions and is cooperating with five countries. "Armenia is a profitable investment platform for Russian businesses. And I am here at my workmates' request as ambassador to study the market and find interesting business projects and attract investment on mutually beneficial conditions," Zakaryan said. In this context, she pointed out a need for improving the quality of tourist and real estate services.
As to education, Zakatyan told about the plans to establish a free contemporary business school in Armenia. "The school will enable start-uppers to learn the ABC of business management and select the most prospective fields for themselves," she said. We are doing it in Anapa and we would like to share our experience with Armenia. Businesses will receive serious information and legal support and we will exert effort to help them gain a foothold," Zakaryan said. The school will also operate online. Ms Manukyan told reporters that a business tour from Anapa to Armenia will be organized early next year. The tourists will not only visit places of cultural, religious and historical importance, but will also afford Armenian businesses opportunities to establish export ties. Among the priorities are the mining and light industries, etc.
Russia is Armenia's major trade and investment partner. The Armenian-Russian trade turnover totaled $.18bln this Jan-Sept, a 13.5% year-on-year increase. Armenia's exports to Russia totaled $594.3mln, a 27.4% year-on-year increase, and Armenia's imports from Russia totaled $1.2bln, a 7.6% year-on-year increase. Russia's share in Armenia's foreign trade turnover is 31.1%.
Armenia's statistical Committee reports that investments in Armenia totaled AMD 60,927.4mln this Jan-Mar, with direct foreign investments totaling AMD 18,946.1mln (an AMD 28,508.4mln).
Foreign investments in Armenia's real economy totaled $1.8bln last year, a 39% year-on- year decrease (against a 19% year-on-year increase in 2019 as compared to 2018). The share of direct foreign investments in the total foreign investments totaled 26% l;ast year (against 20% the previous year) or $466mln, a 21% decrease as compared with 2019 (against a 2% decrease the previous year).
As to the TOP-3 direct investors in Armenia, Russia topped the list in terms of total investments last year - $674.4mln (with an annual dynamics reversal - a 4.3% increase down to a 344% decrease), and in terms of direct foreign investments - $350.2mln (with annual decrease acceleration from 7.6% to 9.3%).
Direct foreign investments in Armenia's economy have over the last 6-7 years been showing a downtrend to the historical minimum - 1.7% of GDP.
