YEREVAN, May 13. / ARKA /. France is the second largest foreign investor in the Armenian economy, Armenian economy minister Karen Chshmarityan said at an Armenian-French business forum in Yerevan on Tuesday, saying also that there are more than 100 companies in Armenia with French capital, which he described as an indication of a high level of confidence in Armenia.
He commended the forum saying such events are of paramount importance in terms of benefiting Armenia’s economy and French entrepreneurs.
French investments in the Armenian economy stand currently at nearly $1.1 billion. Armenia’s trade turnover with France in 2013 amounted to $70.78 million, 1.8 percent down from the previous year. In the first quarter this year it was 1 percent down from the year before standing at $13.22 million.
According to Armenian minister, Armenia is pursuing an open economic policy in order to attract more foreign investments. It has also implemented a series of reforms to boost business development.
He said in the latest Doing Business ranking of the World Bank and the International Finance Corporation (IFC) Armenia was ranked 37th , located between Belgium (36) and France (38) and ahead of Cyprus, Poland, Spain , Luxembourg and Italy.
The government has also set up centers to help manufacturing companies. It has also established two free economic zones.
The Armenian-French economic forum was held in Yerevan as part of the two-day state visit to Armenia by French President Francois Hollande. It was organized by the Armenian Development Agency together with the Embassy of France in Armenia and the Yerevan Brandy Company and ACBA -CREDIT AGRICOLE BANK. -0 -