Hovnanyan: Armenia – a country of new foreign investment opportunities

YEREVAN, June 29. /ARKA/. Armenia is a country of new foreign investment opportunities, said the large American entrepreneur of Armenian origin, the head of “Hovnanian International” Vahagn Hovnanian in the press-conference on Wednesday.

“Armenia is a young country and people need new products and businesses which creates large opportunities for the investors. Armenia, as human beings, becomes better and better for years”, he said. Armenia is a wonderful place for business development but people should work honestly and correctly as “every business has its etiquette”.

“I have been always worked honestly and didn’t ask anything from anybody. I even don’t know the names of the majority of the ministers and there is no need for me to know them. A businessman relying upon any of state officials is doomed to failure”, said Hovnanian.

He named the main factors hindering the business environment in Armenia and involvement of new foreign investors.

“First is inflexibility of legislation, second is small market. But I think that the worse thing is monopolization of the market”, he said. Hovnanian considers that for demonopolization of the market in Armenia it is necessary to develop small business.

Member of Parliament from the ruling Republican Party Manvel Badeyan added that the hindering factors of the development of business environment in Armenia is also unfavorable geographic location of Armenia, political conflicts with neighbor countries, corruption and management problems.

“As for monopoly, I should mention that the worse thing is that any monopoly will take out own capital from the country and seek other markets”, said Badeyan.

Vahagn Hovnanian, Armenian by origin, was born in Iraq and lived his life in USA. He graduated from St. Joseph University in Philadelphia and received the degree of Bachelor of Physics.

In 1959, Hovnanian and his brothers established “Hovnanian Brothers Corporation” where he occupied the post of the vice-president. During the next ten years, Hovnanian brothers developed many projects and built thousands of houses in New Jersey. In 1969 Hovnanian founded his own construction company “Hovbilt Inc.”.

After the declaration of independence in Armenia, Hovnanian put his capital into different projects in the country. Particularly, he built one of the most elite cottage settlements of Armenia – the district “Vahakni”in the neglected outskirt of Yerevan.--0--