AMBASSADOR: ARMENIA’S FINANCIAL SECTOR ATTRACTS KAZAKH BANKS’ ATTENTION

ARKA
Jul 12 2007

YEREVAN, July 12. /ARKA/. Armenia’s financial sector attracts Kazakh
banks’ attention, Kazakh Ambassador to Armenia Ayimdos Bozzhigitov
said on Thursday answering the question ARKA News Agency put to him.

He said BTA Invest Bank is the biggest Kazakh investor in
Armenia. According to him, the bank has invested $40 million in
Armenian economy.

"Economic reforms are very successful here, and today Armenia is the
country with the most open economy. This fact was admitted by all
world agencies. Kazakhstan has free resources for investment outside",
the diplomat said.

According to him, Kazakhstan has invested some $18 million overseas.

"Today we are considering prospects for investments in Armenia based on
the agreements reached during Robert Kocharyan’s visit in Kazakhstan",
he said.

In his words, prospects of new joint companies are under consideration
as well.

The ambassador said that Kazakhstan is mainly interested in energy
sector, industry, construction, tourism and mining.

"Mutual willingness is already displayed and a new form of cooperation
should be worked out and a cooperation scheme drawn up to develop
interaction. I think the cooperation is at due level now", Bozzhigitov
said.

Commodity turnover between Armenia and Kazakhstan has grown 2.19
times for this year’s five months to $116.2mln.

It made 7.6% of Armenia’s total foreign turnover against 4.8% at the
same period a year earlier.

Kazakhstan’s result was the third after Russia’s and Germany’s.

Armenian export to Kazakhstan totaled $2655thnd after growing 49.7%,
compared with Jan-May 2006.

Import in Armenia grew 2.2 times reaching $113.5mln.

Import from Kazakhstan amounted $2.1mln after growing 2.8 times.

BTA Investbank is a strategic partner to Bank TuranAlem, one of
the biggest banks of Kazakhstan. The latter bought 48.9% shares in
authorized capital of Armenian InterInvestBank CJSC in May 2005. Later,
the CJSC was renamed into BTA InvestBank.

The other shareholders are Austrian ZRL with its 31.1% and
Kazakh-Armenian company MOBILEX with 20%.

From: Emil Lazarian | Ararat NewsPress