NAGORNO-KARABAKH GOVERNMENT APPROVES NKR INVESTMENT POLICY CONCEPT

ARKA
July 16
STEPANAKERT

The government of the Nagorno-Karabakh Republic approved the country’s
investment policy concept at its regular meeting on Tuesday.

"The concept aims to reveal the competitive advantages, attract
necessary investments and ensure economic development in the country,"
NKR Minister of Economic Development Benik Babayan said.

The minister said in 2007, $210 per-capita investments were made in
NKR, which has already reached $250 this year. However, this showing
is still very low and needs to be raised sharply by means of targeted
measures, he noted.

The Minister also said the concept reflects the country’s investment
priorities and summarizes data on mineral reserves.

NKR Prime Minister Ara Harutyunyan stressed the importance of involving
the NKR banking system in the implementation of the country’s economic
programs.

"We are currently witnessing a positive tendency – Armenian banks
opening new branches in NKR. We hope the local banking capital will be
used to implement the country’s economic programs," Harutyunyan said.

According to the premier’s forecast, in 2009, NKR banks will expand
their participation, especially in mortgage programs.