OSCE assists Armenia to attract foreign investment at London event

Organization for Security and Co-operation in Europe
Office in Yerevan
22 March 2004

OSCE Office assists Armenia to attract foreign investment at London event
YEREVAN, 22 March 2004 – Perspectives of the Armenian Mining Industry were
the focus of discussions at the International Investment Forum held last
week in London. The Forum was organized jointly by the OSCE Office in
Yerevan, the Armenian Ministry of Trade and Economic Development and the
Association of Mining Analysts of London.

The event, held on 17 March, gathered more than 40 representatives of
international mining and financial institutions, international
organizations, Armenian Government officials and the management of Armenian
mining enterprises.

Karen Chshmarityan, Armenian Minister of Trade and Economic Development,
introduced the participants to the Armenian investment climate, legislation
and the policies of his government to create an investment- friendly
environment.

“Private investment, as a priority for Armenia’s industrial and economic
development, enjoys an open-door policy and equal legal standards for
domestic and foreign businesses,” he said.

He elaborated on the intention of the Government to privatize the Zangezur
copper molybdenum mining enterprise located in the Syunik province of
Armenia.

Foreign investors who already do business in Armenia and representatives of
international organizations shared their experiences and underlined the
positive attitude of the Government towards foreign investors.

The potential privatization of Zangezur is estimated to be worth several
million dollars in new investments and will have a tremendous impact on the
entire Armenian economy, as well as on the Syunik province in particular,
where the OSCE Office has already launched a project promoting
socio-economic development.

The Forum was a practical result of the OSCE New Strategy Document for the
Economic and Environmental Dimension (Maastricht, 2003) and recommendations
of the 2nd Preparatory Seminar for the Economic Forum (Dublin, 2004), where
the OSCE recognized that “foreign and domestic investments, including in
industry, is a necessary condition for sustainable and environmentally sound
economic growth, general well-being and stability.”

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