EUROPEAN UNION INVESTS $150 MILLION IN ARMENIAN ECONOMY IN 2007
ARKA
May 15, 2008
YEREVAN, May 15. /ARKA/. European Union invested $150 million in
Armenian economy in 2007. The EU investments make 18% of total foreign
investments in the country’s economy.
Tigran Jrbashyan, the Armenian director of AEPLAC (Armenian-European
consulting centre of economic policy and the law) told journalists
last week that Germany with its $55.3 million has outdone other
European countries in investing in Armenia.
He said Cyprus invested $16.5 million, France $18.8 million and Great
Britain ($13.5 million).
However, Jrbashyan said, it becomes clear after taking into account
total amount of foreign investments – $845.4 million – that European
share is not so great in it.
The expert said that this is especially visible in comparison with
Russia, which is topping the list of invertors – its investments make
50.4% of total investments.
"Russian business invested $450 million in Armenia in 2007
against $211 in 2006", he said. Jrbashyan said that the growth
of Russian investments was mainly due to the handover of ArmenTel
Telecommunication Company to Russian VimpelCom.
"It means that relatively small share of European investments is not
due to their decrease – it diminished because of precipitous growth
in Russian investments", the expert said.
He expressed hope that successful implementation of the reforms
outlined in the 2008/2012 governmental program will spur investment
from Europe.