69 Foreign Companies Make Investments In Nagorno Karabakh


12 Oct 04

According to NKR Statistic Service, as of July 1, 2004, 69 foreign
companies form the US, Germany, France, Canada, Argentina, Switzerland,
Australia and CIS member countries have made investments in Nagorno

Recently, Araz Azimov, Azeri Deputy Foreign Minister, told the
journalists that “Azerbaijan has the black list of the foreign
companies that unfold illegal business in the territories occupied by
the Armenians.” He said that these companies will not be allowed to
unfold activities in the territory of Azerbaijan. “Azerbaijan can’t
ignore the fact of illegal utilization of natural resources in the
occupied territories, as well as Armenia’s policy of inhabiting these
territories illegally, ” he stated.

Karabakh has no problem with publishing the list of foreign companies
that made investments in Nagorno Karabakh. National Statistic Service
informed that 25 companies made investments in mining industry,
10 companies in agriculture, 11 companies in trade, 4 companies in
construction and hotel business. Other 19 companies made investments
in other spheres of business.

In the last four years, about $40 million were invested in the economy
of NKR, most of them by foreign companies. Anushavan Danielian, NKR
Prime Minister, affirmed in the interview given to Azg Daily, that
NKR investment field is very attractive for foreign investors. In
future about $15-20 million will be invested in the construction of
small hydro-electric power, in wine industry and mining.

Particularly, 800 employees are working at Base Metals ltd., branch
of Armenian Copper Program Company. We should also mention the Swiss
Frank Muller Company that has unfolded activities in Karabakh.

It’s worth mentioning that in 2005 $2,5 million of aid will be
allocated to Nagorno Karabakh from the US budget. Armenia will receive
$75 million in 2005, while Azerbaijan will get $38 million.

By Tatoul Hakobian