UNPREDICTABILITY OF ARMENIA’S CUSTOMS SERVICE HINDERS ATTRACTING U.S. INVESTMENTS: AMBASSADOR

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Economy

14.06.2012, 20:55

U.S. ambassador to Armenia, John Heffern said today the unpredictability of Armenia’s customs authorities is a great obstacle to attracting U.S. investment to the country. When speaking today at a gathering organized to look into competition challenges.

UNPREDICTABILITY OF ARMENIA’S CUSTOMS SERVICE HINDERS ATTRACTING U.S. INVESTMENTS: AMBASSADOR

YEREVAN, June 14. /ARKA/. U.S. ambassador to Armenia, John Heffern said today the unpredictability of Armenia’s customs authorities is a great obstacle to attracting U.S. investment to the country. When speaking today at a gathering organized to look into competition challenges.

he said U.S. companies emphasize the rule of law.

He said many Americans implemented various assistance programs in Armenia, including restoration of monuments and churches, but today the investment activity is not great.

"If the business environment in Armenia is made more favorable, American companies will make large investment in this country," he said.

Total U.S. investments in Armenia in January-March 2012 amounted to more than $ 4.1 million, a 56% percent decline from a year earlier. Of that amount direct investment made more than $1.6 million, a decline of 79.6%. M.M. -0-

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