Armenia Maintained Stable Macroeconomic Growth In 2007, European Com



JU LY 11

In 2007 Armenia maintained stable macroeconomic growth: the two-digit
index of the economic growth is mainly due to the growth in the sphere
of construction done in the country and in the sphere of services,
as well as transfers of Armenians working abroad.

This was mentioned in the European Commission’s report on Armenia
in 2007 presented by Lusine Movsisian, the First Secretary of the
RA Foreign Ministry EU Department, at a discussion on the subject
Monitoring of European Neighborhood Policy Actions Plan organized on
July 11 in Yerevan.

In her words, as compared with the previous years, Armenia improved
its business environment in 2007, but some work still need to be done
in the direction of improving the investment sphere.

According to the report, progress was also recorded in Armenia’s
tax sphere, which is encouraged by EU. According to L. Movsisian,
EU calls RA authorities for continuing reforms in the tax sphere and
administration, at the same time, proposes creating a tax collection
advisory body for the business environment.

L. Movsisian said that reforms implemented in the sphere of energy are
also encouraged by EU. In particular, a document and actions plan on
a new energy strategy was adopted in 2007. Besides, the security of
Metsamor nuclear power plant was raised and the authorities of the
body regulating the sphere of nuclear power plant’s operation were
expanded last year. According to L.

Movsisian, Armenia plans to build a new nuclear power plant and it
is possible that EU provide a credit for the construction of the
power plant.

"Nuclear power plant’s construction is also important for Europe, as
due to growth in prices for gas and oil, the role of secure nuclear
energy has increased in the world," L. Movsisian said.