Armenian government working on new program to attract foreign investments
YEREVAN, July 22. /ARKA/. The Roadmap for Investment Reforms in Armenia developed by the U.S. Agency for International Development (USAID) experts together with the Armenian Ministry of Economy, was presented today in Yerevan.
Armenian Minister of Economy Vahan Kerobyan said the roadmap was developed based on the goals and priorities laid down in the government's plan of actions for 2021-2026.
"In my opinion, the RoadMap best fits the realities of our country's economy and the government's priorities. The government pins high expectations on this document and its successful implementation will bring tangible results," he said.
The minister said that entrepreneurs should be aware that the changes make doing business in Armenia comfortable and safe and their investments "will be justified and profitable".
"The next step will be to specify this road map and bring it into the format of a government decision, which will also be followed by an appropriate investment policy. We hope that the work will end with a new law on investment, which, we hope, will already be in the form of a document by the end of the year," said Kerobyan.
He reminded that the government's goal is to raise the total amount of investments to 25% of GDP and that of foreign direct investments to 6%, up from the current 1.7%.
According to the minister, the priority areas for investments are the manufacturing industry, chemistry, metallurgy, light industry, jewelry and food industry.
‘Besides, there are traditional sectors where we expect major investments, such as real estate, high technologies and trade," said Kerobyan.
According to Armenia’s National Statistical Committee, foreign investments in Armenia in January-March 2022 amounted to about 26.9 billion drams, down from 76.9 billion drams for the same period of 2021. Of this amount, 22.4 billion drams were foreign direct investment, down from 34.9 billion drams in the first quarter of 2021. ($1 - 414.84 drams) -0-.
