Impact News Service
November 8, 2017 Wednesday
High-level round table on Armenia’s investment climate
Brussels: Energy Charter Organization has issued the following news release:
On 7 November 2017 in Yerevan Armenia, the Energy Charter Secretariat
and the Ministry of Energy Infrastructures and Natural Resources of
Armenia co-organised a high-level roundtable on investment in
Armenia’s energy sector. The purpose of the event was to discuss ways
in which Armenia’s investment climate could be further improved in
order to augment investments in the country’s energy sector as a
whole. Overall, more than 40 representatives from government
institutions, the energy industry, the business community and
international organisations participated, offering their insights on
the way forward.
As a basis for the discussion, the Energy Charter Secretariat
presented a tailored assessment of the policy, legal and regulatory
factors that may deter investments in the energy sector of Armenia.
According to Energy Charter Secretary General Dr Urban Rusnák, the
policy, legal, and regulatory environment of Armenia provides a robust
basis for investment in the energy sector. The extensive country risk
profile which was discussed is based on the methodology developed
under the Energy Charter Secretariat’s initiative called the Energy
Investment Risk Assessment (EIRA).
Senior Expert for Investment David Kramer presented the assessment
findings of Armenia’s energy sector: “Armenia scores relatively high
on all indicators for the risk assessment, including robustness of
policy goals, sound policy-making processes, effective oversight of
market functioning, keeping to national and international obligations,
and access to the judicial system. Given these high scores, most
improvements can be made in the field of policy-making processes, in
particular regarding transparency towards foreign investors and
inclusiveness in consultation processes.”
On the basis of this assessment the Secretariat made recommendations
for further improvement of Armenia’s investment climate. These
recommendations include (1) setting up a permanent inter-ministerial
body to better coordinate policy-making that pertains to energy
investments, (2) establishing a permanent forum for frequent
communication with investors, (3) reinforcement of the regulatory body
and (4) establishing an ombudsman to prevent and resolve potential
disputes or grievances involving foreign investors. The conclusions of
the meeting, including concrete follow-up actions, can be found here.
Deputy Minister of Energy Infrastructures and Natural Resources Mr.
Hayk Harutyunyan embraced the outcomes of the discussion and concluded
that implementation of the recommendations and conclusions is to be
considered for the EU4Energy 2018 Work Programme.
The event was conducted in the context of the European Union’s
EU4Energy Initiative – a technical assistance programme that supports
EU Eastern Partnership countries, including Armenia, in improving
their legal and regulatory framework to achieve a more efficient,
connected and low-carbon energy sector in line with best European and
international practices.
