Favorable environment for foreign investments created in Armenia

YEREVAN, June 22. /ARKA/. Ashot Osipyan, the chairman of the Union of Banks of Armenia is convinced that favorable environment for foreign investments is already created in the country. 

On Friday, speaking at a business forum held by the Black Sea Trade and Development Bank in Yerevan, he said that necessary legislative changes had already been implemented. The law on foreign investments, he said, was adopted yet in 1994. This law secures investors’ rights. 

He pointed out the 80% presence of foreign capital in Armenian banking system as evidence of successful application of laws in the country. 

“Armenian banking system is a reliable partner to international organizations,” he added. 

Osipyan also stressed that attraction of foreign investments is an important component of the government’s economic policy focused on promoting export-oriented industries and developing agriculture in conformity with international standards. 

According to official statistical reports, more than $148.7 million was invested in Armenia from the outside in Jan- March 2012 - 13.9% year-on-year growth. Over $89.3 million of this amount came as direct investments – 4.6% year-on-year contraction. 

The business-forum "Armenia - opportunities for growth and international experience" is organized by BSTDB in collaboration with the Central Bank of Armenia, Ministry of Finance, Union of Banks and the Union of Industrialists and Entrepreneurs of Armenia. The forum is attended by representatives from a number of world leading financial institutions, such as European Investment Bank, European Bank of Reconstruction and Development, International Financial Corporation, International Investment Bank, Nordic Investment Bank, as well as national institutions ensuring development, such as KfW group from Germany, Austrian Development Bank, Russian Vnesheconombank and others. -0-