FOREIGN INVESTMENTS LIKELY TO AMOUNT TO $700 MILLION

ARMENPRESS
Dec 21, 2007

YEREVAN, DECEMBER 21, ARMENPRESS: In the first nine months of this
year foreign investments in Armenian economy rose 58 percent from a
year before to almost $470 million.

According to Tigran Davtian, the executive director of the state-run
Armenian Development Agency (ADA), the amount of foreign investments
is likely to amount to $600-700 million by the end of the year.

Tigran Davtian also cited World Bank, Heritage Foundation and other
organizations, which say that in terms of doing business Armenia
provides a very favorable environment.

Davtian said that Armenia has become more attractive for investors
although local market is not big, but the purchasing power of its
people has grown.

He said per capita GDP is $3,500 which has a positive impression on
foreign investors.

There are 3,500 companies in Armenia with foreign capital, 65 percent
of which are co-owned by Diaspora Armenians.