RUSSIAN INVESTMENTS IN ARMENIA’S ECONOMY EXCEED $1 BLN.

ARKA News Agency, Armenia
Feb 6 2008

YEREVAN, February 6. /ARKA/. Russian investments in Armenia’s economy
have exceeded $1bln, said RA Prime Minister Serge Sargsian during
his meeting with Russian colleague Viktor Zubkov.

Russia is Armenia’s main foreign investor, Russian Prime Minister
Viktor Zubkov said at a press conference today.

He believes $1bln worth investments in Armenia testify to Russia’s
intention to develop bilateral cooperation.

Joint investment projects give productive results, according to the
Russian Premier.

These programs absorb all the new branches of economy, including
nuclear energy, diamond-cutting industry and telecommunications,
Zubkov said.

Statistics show that Russia invested $175mln 905,000 in Armenia
in January-September 2007 (direct investments amounting to $101mln
569,900).

Russia’s share is 37.4% in foreign investments and 32.6% in total
direct investments in Armenia. Russian investments in Armenia
increased by 5.1% in January-September 2007 as compared to the
corresponding period in 2006. Direct investments increased by 63.2%
in the reporting period.

30.1% ($25.9mln) of total Russian investments were allocated for
electric power generation, gas supply, hot water and steam production,
25.6% ($45.1mln) for communications and 17.6% ($30.9mln) for metallurgy
in 2007.

From: Emil Lazarian | Ararat NewsPress