$400-500M DOLLARS INVESTED IN ARMENIA EACH YEAR
TSAGHKADZOR, July 27, (Noyan Tapan). Several international companies
have placed bids for the Copper-molibdenum enterprise of Zangezour
that is to be privatized this year Tigran Davtian, Deputy Minister of
Trade and Economic Development of Armenia stated at the “Regional
Bridge 2004” international business conference. He noted that the
package of the shares of the enterprise are estimated about $130m and
the investment package – about $0.5bln. According to T. Davtian,
approximately 2,500 companies work in Armenia through foreign capital.
Each year foreign investments in Armenia make $200-250m. Domestic
investments are about of the same amount. The attractiveness of the
country for foreigners is due stable economic growth and liberal
economic policy conducted by the govermnent. The foreign debt of
Armenia reaches over $1b or about 38% of the GDP which is an afordable
level for countries with developing economy. T. Davtian indicated that
the budget deficit of Armenia formed about 2% of the annual GDP during
the last years. And now it was possible to provide even state budget
proficit based on internal funds only.