IN FIRST HALF-YEAR OF 2004 INDIRECT INVESTMENTS INCREASE BY 20% IN
ARMENIA

YEREVAN, August 6 (Noyan Tapan). According to preliminary estimations,
in the first half-year of the current year the indirect investments in
RA made $90m, which exceeded the last year index by 20%. The volume of
direct investments made about $60m, which exceeded the last year index
by 39%. The index on the line of direct investments doesn’t include
the credits received on the systems of state government and banks.

Karen Chshmaritian, RA Minister of Trade and Economic Development,
declared at the August 6 press conference that the resources received
from privatization become less year by year.