Investment Activity on the Rise in Armenia

YEREVAN (Noyan Tapan)–Investment activity in industry has considerably increased over the past year and cooperation with foreign investors has moved on to a new business level–Minister of Industry and Trade Garnik Nanagulian said. He predicted that a number of major deals may be signed this year. "Investors begun to believe that they can make effective investmen’s in Armenia," said the minister–pointing out that his ministry should be more involved in the effort to attract of foreign investment.

Nanagulian said it is difficult to determine the exact volume of investment needed to refurbish Armenia’s industry–and about $10 million is needed only for the study of this problem.

According to an agreement recently signed with the Russian "Troyka Dialog" investment company–the Ministry of Industry and Trade of Armenia will be offered consultations in devising investment projects for enterprises–as well as in the sphere of privatization and in running large industrial enterprises.

Nanagulian said that he supports a liberal trade policy. The minister reported that a program to develop several branches of industry–such as biotechnology–electrotechnology–radioelectronics–will be launched this September. The program will be sponsored by the Agency for International Development of Japan.

The agreement between the Agency for International Development of Japan and the Armenian Development Agency was signed on June 22.

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