ADA HAILS SKILLED MANPOWER, EFFECTIVE COOPERATION BETWEEN ARMENIA, CIS MARKETS

ARKA
Apr 2, 2009

YEREVAN, April 2. /ARKA/. Armenia’s favorable geographic position,
the country’s proximity to the CIA and Central Asian markets,
as well as cheap and skilled manpower can help attract additional
investments, Director General of Armenian Development Agency (ADA)
Robert Harutyunyan said Wednesday at a seminar on commercialization
of scientific research.

"With the CIS and Central Asian markets being very attractive
to investors, it can help Armenia attract foreign investments,"
Harutyunyan was quoted saying.

According to ADA, direct foreign investments in Armenia’s economy
totaled $1.9bln in 2008.

Pointing out simplified regimes with other countries, Harutyunyan
stressed the importance of opening the Armenian-Turkish border.

According to the ADA director general, the Armenian government’s top
priority is to tackle the impact of the global financial crisis on
domestic economy by boosting infrastructures, building a new nuclear
power plant and constructing North-South railway.

Harutyunyan stressed that the Armenian government had set up a task
force to study investment opportunities, assist enterprises, attract
long-term investment funds and ensure the government’s participation
in the capital of local companies.

According to the ADA director general, the government focuses on
establishment of venture funds.

Cheap, qualified and young manpower (with 70% of specialists being
from 17 to 59 years old) is one of the major advantages of Armenia,
Harutyunyan added.