DIRECTOR OF ARMENIAN DEVELOPMENT AGENCY: IN 2008 FOREIGN INVESTMENTS IN ARMENIAN ECONOMY WILL REACH 700 MILLION DOLLAR MARK

Noyan Tapan
Dec 21, 2007

YEREVAN, DECEMBER 21, NOYAN TAPAN. Satisfactory indices on investment
inflow to Armenia will be registered by 2007’results. It is forecast
that it will reach the 700 million dollar mark, the director general
of the Armenian Development Agency (ADA) Tigran Davtian stated at
the December 21 press conference.

He reminded that in January-September 2007, foreign investments in the
real sector of the Armenian economy (without those received through the
state governance and banking systems) made 469 mln 947.1 thousand USD,
growing by 58% on the same period of last year. Out of this amount,
direct investments made 311 mln 605.7 thousand USD, growing 2.1fold
on January-September 2006.

In t. Davtian’s words, "as was promised" by the Russian president
V. Putin, Russia has become the leader by investments made in Armenia.

He added that according to investors, Armenia’s investment emvironment
is favorable, while the small size of the Armenian market is the first
obstacle to attraction of a greater amount of investments. "There has
been some progress in terms of a growth of purchasing capacity, GDP
and per capita incomes," he said. T. Davtian forecast that in 2008,
per capita GDP will make 3.3-3.5 thousand USD against 1.4 thousand
USD in 2005. This index is typical of countries with a medium level
of economic development. It is also forecast that in 2008 Armenia’s
GDP will surpass the 10 billion dollar mark.