Vahan Kerobyan on "impressive" indicators of FDI in Armenian economy

ArmInfo. Minister of Economy Vahan Kerobyan considers the indicators for foreign direct investment in  the Republic of Armenia to be impressive.

<For the first time in our history, we have attracted FDI in the  amount of $1 billion, which is more than 5% of our GDP (the  government aims to bring FDI in GDP to 6% by 2026 - ed. note), and  according to preliminary data, the total investment is $4.2 billion,  which is an impressive result. These investments will ensure high  economic growth in the coming years>, Kerobyan said on May 19,  speaking at the y-o-y Yerevan Tech Forum 2K23.

The Minister recalled that by the end of 2022, Armenia ensured GDP  growth at the level of 12.6%, and the indicator of economic activity  of the Republic of Armenia for the first three months of 2023  amounted to 12.2%.

According to him, the main areas that ensured economic activity are  technological and financial sectors, which grew by 50%. Growth was  registered in trade, services, processing industry and construction.

"The only area where growth has not been recorded is the mining  sector, but this is also not bad, since we need to change the  structure of our economy - from the mining to the high-tech,"  Kerobyan concluded.

It should be noted that according to statistics, the net flow of  total foreign investment in the real sector of the Armenian economy  in 2022 amounted to 196.718 billion drams or $499.8 million, an  increase of 15% in dollar terms. At the same time, the net flow of  foreign direct investment (FDI) over 2022 increased by 72.5% in  dollar terms, reaching 181.825 billion drams or $462 million. The  share of FDI in total foreign investment increased from 61.6% to  92.4% in 2022.