ArmenPress
March 26 2004

AROUND $1 BILLION INVESTED IN ARMENIA IN LAST DECADE

YEREVAN, MARCH 26, ARMENPRESS: Deputy trade and development
minister, Tigran Davtian, predicted today that the average amount of
annual investments in the Armenian economy will from now on range
between $200 million-250 million. Speaking to a news conference
today, he said last year some $230 million had been invested, of
which $160 million were direct investments, $40 of it came from a
Russian-Armenian deal known as Assets for Debt, by which Armenia
handed over some of its leading enterprises to Russia in return for
its almost $100 million debt to Moscow. He said the amount of
aggregate investments in Armenia since its independence is nearing $1
billion.
He then praised local businessmen, who are increasing gradually
the volume of their investments in domestic enterprises. He said the
structure of investments is also changing from commerce to industrial
investments.
Davtian also cited some other figures, particularly, related to IT
sector, whose exports last year amounted to $50 million, 85 percent
making software products.