FOREIGN INVESTMENTS IN ARMENIA’S REAL SECTOR OF ECONOMY LAST YEAR ROSE TO $600 MILLION

ARMENPRESS
Jan 23, 2008

YEREVAN, JANUARY 23, ARMENPRESS: Foreign investments in Armenia’s real
sector of economy last year rose to over $600 million, according to
trade and economic development minister Nerses Yeritsian.

Speaking at a news conference today the minister said the volume of
investments in the first nine months of 2007 rose 58 percent from a
year before.

The bulk of foreign investments went last year into mining,
telecommunications, IT and aviation sectors.

The biggest foreign investors were Russia ($176 million), Lebanon
($134 million), Argentina ($25 million, USA ($21 million) and Germany
($20 million).

According to the minister, investments in IT sector last year amounted
to $10 million. The sector reported a 30 percent growth. According
to preliminary figures, some 480,000 foreigners visited Armenia last
year, who spent here $410 million, by $110 million more than in 2006.