Foreign investments in the Armenian economy surged by 36.6% in the first half of 2017 as opposed to the same the span of 2016 to over $1 billion, economic development and investments.
Minister Suren Karayan, after announcing the figure on Oct. 18, specified that foreign direct investments (FDI) during the reporting period increased by 26.3% year-on-year to about $328 million.
“In fact, one third of the investments are foreign direct investments, which means that foreign investors invested in the authorized capitals of Armenian companies, which are actually portfolio investments that will ensure further development,” Karayan said. According to him, Armenia is also carrying out a number of legislative initiatives to attract investors, which will help create a favorable field for them.
In this connection, the minister singled out a government approved draft law on foreign investments, which introduces redomicilation (relocation) of foreign companies, the prospect of granting Armenian citizenship to foreigners who will carry out a certain amount of investments, as well as the Law of Free Trade Zones.
Also, according to Karayan, steps are being taken to conclude agreements on mutual encouragement of investments with a number of countries, including Jordan, the United Arab Emirates, Montenegro, Korea, India, Australia, Brazil, Mexico, Moldova, Japan, and others.