British consul promises more boost to Armenian economy

Mediamax news agency
7 Dec 04

Yerevan, 7 December: The United Kingdom will continue to contribute to
the economic growth in Armenia both on a bilateral level and within the
framework of European Union projects, the British consul in Yerevan,
Richard Hyde, said, as he was addressing the ceremony to open an
exhibition of British companies operating in Armenia.

The business circles of the two countries have enough potential to
expand bilateral cooperation, boost trade and rejuvenate investment
policies, he said.

The main obstacles in the development of business in Armenia are
still the lack of transparency in the financial sector, corruption
and protectionism, Hyde said. At the same time, he noted, the Armenian
government is taking measures to tackle these problems.

The total volume of British investment in the Armenian economy is
around 50m dollars now, with 21 enterprises working with British
capital.

From: Emil Lazarian | Ararat NewsPress