YEREVAN, September 4. /ARKA/. Not so vigorous investment policy is one of the biggest faults in Armenia’s economy, Manuk Yerghnyan, head of the Economy and Values research center, said Wednesday in Novosti International Press Center.
“I think the country should pursue more aggressive policy to attract foreign investments, since this is one of mechanisms for restructuring the economy and carrying out technological re-equipment,” he said.
Yerghnyan also commented on the latest official statistical reports, according to which $293 million has been invested into Armenia’s economy from the outside for the first six months of this year – 34.7% less than over the same period a year earlier, and direct foreign investments amounted to $118.1 million in Jan-June 2013 – 64.2% year-on-year decline
“This is a structural problem that emerged five or six year ago,” he said. “Investments consist of two components, of which the biggest is reinvestment profit. In other words, reinvestments of profits of companies which already operate in Armenia are considered as foreign investments. This structure has created the following situation – when large infrastructural projects are completed, decline emerges.”
According to the National Statistical Service, Argentina was the biggest investor into Armenian economy’s real rector in Jan-June 2013. It built up its investments 10.4 times in Jan-June 2013, compared with the same period a year before, to $76.1 million. Direct investments from Argentina grew 67.2% to $8.2 million.
Other largest investors in Armenia’s economy were Russia, Canada, Cyprus and France in Jan-June 2013. ---0---