Diamond processing factory to be built in Stepanakert

DeFacto Agency, Armenia
Feb 23 2007

DIAMOND PROCESSING FACTORY TO BE BUILT IN STEPANAKERT

During last six years the amount of foreign investments in Karabagh
made $ 50 millions. Investments were mainly made by Lebanon,
Switzerland, the U.S., the U. K., Russia, Iran and Australia. In
2000-2005 the number of enterprises in the Republic grew 19, 2% due
to the investments. At the same time businessmen from Karabagh
invested $ 4, 1 million in the country’s economy.
The investments were made in the spheres of TV, bank activity, hotel
business, mining, production of raw materials and other spheres.
About 3,000 new jobs were opened in the Republic due to private
investments.
MicroCut Diamonds will build a diamond processing factory in
Stepanakert. The firm will invest approximately $ 1, 5 millions in
the project and open 200 jobs.
The NKR government believes tax field in Karabagh is quite favorable
for investors. However, according to the candidate of Economic
Sciences, docent Ruzanna Mangasarian, despite the fact the
investments made in the Republic were not much.
`’Such phenomenon testifies that the investors do not wish to invest
money in Karabagh, as it is a high risk zone, Artsakh is an
unattractive country from this viewpoint. Besides, the fact that
Karabagh’s status has not been determined and it has not been
recognized becomes a big obstacle for cooperation with the
international organizations and banks”, Ruzanna Mangasarian told
Karabakh Open.

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