Armenian parliament simplifies licensing procedures for foreign companies

YEREVAN, January 20. /ARKA/. The Armenian parliament on Thursday approved in the second and final reading a string of amendments to the law "On Licensing," which Economy Minister Vahan Kerobyan said will facilitate participation of foreign companies in 13 types of business activity in Armenia.

These activities include private security and encashment (collection) services, postal communication, import and export of nuclear and radioactive materials, materials with radioactive components, radioactive waste as well as organization of railway transport, private taxi services by physical persons, engineering, urban planning, construction, technical quality supervision, engineering surveys, and some others.

"We believe that these changes are very important for improving the business environment of our country as the changes are expected to ensure also a greater participation of foreign firms in the implementation of major infrastructure and construction projects in Armenia, which the government has planned for the next 5 years," the minister said.

An opposition MP Hripsime Stambulyan argued that the changes possess economic security risks.

"The priority for our country is security, and some of the changes would threaten our economic security. The problem is that the interests of Armenian companies are not protected, and a foreign investor may come to Armenia and, without any control on part of the government receive milder licensing conditions than local firms," said Stambulyan.

She is sure that investors do not come to Armenia because of unfavorable tax policies and not because of complicated licensing procedures. -0-