ABOUT 467.8 MLN USD FLOWS INTO ARMENIA IN 2004

YEREVAN, APRIL 13, NOYAN TAPAN. Deputy Minister of Trade and Economic
Development Tigran Davtian stated at the April 12 press conference
that the total amount of foreign investments in Armenia in 2004
exceeded by 17.9% the previous year index and made 467.8 mln USD.

According to him, the foreign investments in the economy’s real sector
alone increased 33.1% to 305.5 mln USD, with direct foreign
investments growing 47.7% to 226.7 mln USD. The deputy minister said
that in 2004, investments in the state and banking sector of 162.3 mln
USD were included for the first time in the total investments. It was
noted that local investments became considerable – several 100 mln
USD. According to T. Davtian, foreign investments of about 50 mln USD
were made in metallurgy. The investments in food industry and
telecommunication amounted to 40 mln USD in each sphere. He stated
that the activization in the telecommunication sphere is conditioned
by the fact that ArmenTel is preparing to operate in the competitive
field. Investments in the energy sector and aviation made 30 mln USD
each. Investments in tourism made 13 mln USD, while those in
information technologies – about 10 mln USD. In 2004, foreign
investments of 5 mln USD were made for the first time in science. It
was indicated that 30 countries made investments in Armenia, including
Russia (about $67 mln), Greece ($75 mln), Argentina ($30 mln), France
($32 mln), Germany ($38), the US ($24). T. Davtian said that in 2005,
2-digit foreign investments will continue increasing.