UAR PRESIDENT TO LAUNCH PROJECTS IN ARMENIA

ARKA
Oct 20, 2008

YEREVAN, October 20. /ARKA/. President of the Union of Armenians of
Russia (UAR), World Armenian Congress (WAC) and of the Accord concern
(Russia) Ara Abramyan stated his intention to invest $150mln in the
construction of a hotel and a cannery in Armenia.

"We plan the construction of a 5-star hotel in Yerevan for next year,"
he said. This is a response to the Armenian President’s appeal to
Armenian businessmen to exercise initiative in development projects
in Armenia.

Abramyan also reported his plans to construct a cannery near
Yeghegnadzor, Vaiots Dzor region.

Among the businessmen who responded to the Armenian President’s
appeal are the American-Armenian businessman, Executive Director of
the Metal Prince Company Serob Ter-Poghosyan and his partners, who
expressed their willingness to invest $50mln in industrial, tourism
and social development programs in the Lori region of Armenia during
the next three years.

Also, the Russia-based Armenian businessman Samvel Karapetyan is
ready to invest $200mln in business and social projects.