Foreign investment in Armenian economy is up

Noyan Tapan news agency
6 Sep 04

Yerevan, 6 September: In January-June 2004, the amount of foreign
investment (without credits obtained via state departments and banking
systems) totalled 106.3m dollars, of which 64.7m was direct investment.

According to the Armenian National Statistics Service, against the
same period of 2003, the overall amount of foreign investment grew
by 41.2 per cent, and direct investment by 79.1 per cent. Overall
foreign investment in the real sector without the privatization fund
increased by 43.7 per cent, and direct investment by 85.6 per cent,
as compared with 2003.

Over this period, 39.1 per cent of overall foreign investment and 32.7
per cent of direct investment were channelled into the communications
sector. Of these, 26.9 per cent of direct investment went into the food
and beverages production sector, and 15.6 per cent – to air transport.

In the first six months of 2004, the largest amount of direct
investment in Armenia came from Greece (21.1m dollars), France (13.6m
dollars), Argentina (10.7m dollars). The USA also accounts for a big
share of investment in Armenia – up to 15.1m dollars. Russia, as the
owner or co-owner of Armenian enterprises, invested in Armenia 5.7m
dollars as compared with 19.8m dollars in 2003.