Kocharian Attributes Decreased Investment to Pre Election Hype

YEREVAN (Noyan Tapan)–One of the main causes of the decreasing volumes of investment in the Armenian economy can be explained by the hype preceding the May 30 parliamentary elections–President Robert Kocharian told reporters Tuesday.

In the first quarter of 1999 direct foreign investmen’s totaled $8.65 million whereas the index for the corresponding period of 1998 was $84.5 million.

According to Kocharian–public opinion had a negative impact on the flow of investmen’s to Armenia. The mass media also contributed to this process.

"We asked for it," Kocharian said–"by dragging the settlement of one privatization deal all the year round." Kocharian sees the number one obstacle impeding investmen’s in Armenia in what he described as "our mentality." At the same time–Kocharian said that the government has been very active in pursuing its investment policy for the past year and a half. "Yet–consistent efforts are needed in this direction to make progress and get serious investmen’s. We must forget all the pre-election absurdities and get down to consistent work," Kocharian underscored.

"There are a lot of places in the world to be invested in–and Armenia’should demonstrate its readiness to accept these investmen’s–to show that its legislation is favorable indeed and that its people appreciate the need for investmen’s for the country’s further development," Kocharian concluded.

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