ArmInfo. The volume of foreign direct investment (FDI) in the Armenian economy by the end of 2022 may reach $1 billion, Armenian Minister of Economy Vahan Kerobyan told reporters during a briefing on February 9.
He noted that according to the data for 9 months of 2022, the total investment increased by 20%, and the volume of FDI reached $700 million.
The Minister recalled the promise of the authorities to bring the ratio of investments to GDP at the level of 25%. Today, this figure, according to him, ranges from 17.7% - 17.8%.
Kerobyan expressed hope that in the future it will be possible to ensure a greater inflow of investments due to the adoption of the Investment Development Strategy, which was developed jointly with USAID.
As for FDI, he spoke about plans to attract 500 large international companies to Armenia. In this regard, Kerobyan noted that these companies allocate 2-fold more funds to research and development of science than all governments combined. "Therefore, it is difficult to overestimate the possible contribution of each of these companies to Armenia," the minister said.
In this regard, he recalled that last year it was already possible to attract one large enterprise out of the planned 500 - the American multinational technology company Nvidia. This year, according to Kerobyan, another large American company is expected to enter the Armenian market, with which the deal will be completed soon.
It should be noted that based on the data of the RA Statistical Committee on the gross flow of investments, ArmInfo specialists calculated the volume of total investments and FDI in the real sector of the Armenian economy for 9 months of 2022.
According to estimates, during the reporting period, total foreign investments in Armenia amounted to $2.3 billion (all types and forms of investments - ed. note), with a noticeable slowdown in y-o-y growth from 34% to 17%. At the same time, the volume of foreign direct investment (FDI) slowed down slightly from 52% to 43%, amounting to $783 million or 34.4% of the total foreign investment.
