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.