PRESIDENT KOCHARIAN URGES EUROPEAN BUSINESSMEN TO INVEST IN ARMENIA

ARMENPRESS
Oct 11 2007

BRUSSELS, OCTOBER 11, ARMENPRESS: President Robert Kocharian singled
out the speedy growth of Armenia’s banking sector when addressing an
Armenian-Belgian business forum during a visit to Brussels yesterday.

He said the banking sector has been the most dynamically growing
Armenian economy sector over the last 3-4 years.

He said five foreign banks have opened branches in Armenia in 2007
and the banking sector is expected to grow 70 percent towards the
end of the year.

President Kocharian also spoke about insurance businesses saying
there is a legislation that complies fully with European norms. He
said the government is negotiating with several big foreign insurances
companies to bring them to Armenia.

"We hope that a German and a French insurance company will arrive in
Armenia this year," he said.

Kocharian also highlighted friendly business environment of the country
saying during his presidency no foreign company suffered a loss.

President Kocharian met yesterday by the European Commission president
Barosso and other top EU officials.

An exhibition called Armenia’s 12 Capitals opened yesterday at the
European Commission premises in Brussels.

The exhibition was opened by Foreign Minister Vartan Oskanian, and
EU Commissioner for External Relations Benita Ferrero-Waldner. The
ceremony was attended by President Robert Kocharian.

The exhibition will be on display by October 30.