U.S. investments in Armenian economy since 1991 stand at $356 million, minister
17.11.2015,
15:40
U.S. investments in Armenia’s real sector economy since 1991 when it regained its independence from the Soviet Union, have reached $356 million, Armenian economy minister Karen Chshmaritayn told today the first meeting in Yerevan of the bilateral Council on Trade and Investments.
YEREVAN, November 17. /ARKA/. U.S. investments in Armenia’s real sector economy since 1991 when it regained its independence from the Soviet Union, have reached $356 million, Armenian economy minister Karen Chshmaritayn told today the first meeting in Yerevan of the bilateral Council on Trade and Investments. According to him, $215 million of that amount are direct investments.
"Investors from the US long time ago appreciated Armenia’s capacities in the development of services, tourism, information and high technology and consulting. Direct US investments into these sectors from January to June 2015 amounted to $1.8 million," Chshmarityan said.
He said today’s meeting would discuss administrative barriers, sanitary and phytosanitary standards and will try also to identify problems in the field of intellectual property protection, facilitation of the movement of goods and capital to expand trade and investment between the US and Armenia.
"The government of Armenia has created quite attractive conditions for entrepreneurs and investors. The aim of the ongoing reforms in the field of entrepreneurship and investment is to create a level playing field for local and foreign entrepreneurs and investors and a relevant legal field," Chshmarityan said.
He said the government has developed already a roadmap and an investment agenda. The next step is to develop various schemes of incentives to encourage foreign investments. The planned introduction of the institute of business ombudsman will contribute to increased confidence of businessmen and investors, the minister said.
The Armenia-US Council for Trade and Investment was established on the basis of the Trade and Investment Framework Agreement (TIFA) signed by Armenian foreign minister Edward Nalbandian and U.S. assistant trade representative Daniel Mullaney during Armenian president Serzh Sargsyan’s visit to Washington in May 7, 2015.
Under the agreement, the joint Council on Trade and Investment is to meet at least once a year to address obstacles to U.S.-Armenian trade and explore other ways of deepening economic ties between the two countries. -0-
"Investors from the US long time ago appreciated Armenia’s capacities in the development of services, tourism, information and high technology and consulting. Direct US investments into these sectors from January to June 2015 amounted to $1.8 million," Chshmarityan said.
He said today’s meeting would discuss administrative barriers, sanitary and phytosanitary standards and will try also to identify problems in the field of intellectual property protection, facilitation of the movement of goods and capital to expand trade and investment between the US and Armenia.
"The government of Armenia has created quite attractive conditions for entrepreneurs and investors. The aim of the ongoing reforms in the field of entrepreneurship and investment is to create a level playing field for local and foreign entrepreneurs and investors and a relevant legal field," Chshmarityan said.
He said the government has developed already a roadmap and an investment agenda. The next step is to develop various schemes of incentives to encourage foreign investments. The planned introduction of the institute of business ombudsman will contribute to increased confidence of businessmen and investors, the minister said.
The Armenia-US Council for Trade and Investment was established on the basis of the Trade and Investment Framework Agreement (TIFA) signed by Armenian foreign minister Edward Nalbandian and U.S. assistant trade representative Daniel Mullaney during Armenian president Serzh Sargsyan’s visit to Washington in May 7, 2015.
Under the agreement, the joint Council on Trade and Investment is to meet at least once a year to address obstacles to U.S.-Armenian trade and explore other ways of deepening economic ties between the two countries. -0-
