Foreign investment in Armenia climbs 41% in H1

Interfax
Sept 6 2004

Yerevan. (Interfax) – The volume of foreign investment in the economy
of Armenia increased 41.3% year-on-year to $106.3 million over the
first half of 2004, Armenian Trade and Economic Development Minister
Tigran Davtian announced at a Friday press conference.

Direct foreign investment increased 79.1% year-on-year to $64.7 million
over the first half. Davtian said the largest investments continue
to come companies in Russia, the United States and the European Union.

National communications operator Armentel attracted the largest
foreign investments for telecommunications network development.
Armentel attracted $41.5 million in the first half, a 40% year-on-year
increase, including $21 million in direct foreign investments

The Armenian National Statistics Service’s numbers indicate that
first-half investments from France increased 4871% year-on-year to
$13.7 million, from Georgia 255.3% to $41.5 million, from the United
States 101.3% to $15.2 million, from Argentina 80.3% to $16.1 million,
from Lebanon 60.4% to $1.6 million, from Luxembourg 69.1% to $763,000
and from Canada 34.6% to 1.3% million.