President Of Armenia Personally Guarantees Comfort Of Foreign Invest


2009-12-11 15:59:00

ArmInfo. "I guarantee comfort of foreign investments in Armenia,"
said President of Armenia Serzh Sargsyan at the opening of the
Armenian-Latvian Business Forum with participation of Latvian President
Valdis Zatlers on Friday.

"Investments always follow development of the political dialogue,
mutual trust and, I think, our countries have already reached this
bar," the president of Armenia said. He said Armenia lays a special
emphasis on foreign investments. "We have almost no restrictions on
participation of foreign capital in Armenia’s economy. In addition,
no big foreign investor has left Armenia," Serzh Sargsyan said. He
said that the previous Armenian-Latvian Business Forum in 2005 in
Yerevan as part of the official visit of the Latvian President to
Armenia resulted in creation of Norvik Credit Company, the subsidiary
of the Latvian-Icelandic NORVIK BANKA JSC. The president said:
"We have warm and careful attitude to our banks."

The president hopes that the fruits of the business forum will be
seen in future. The president believes that such events may open new
pages in cooperation of the two countries and help effectively using
the existing potential. "I do not doubt that this forum will result
in new ideas of successful economic cooperation. I’d like to say that
our economic relations will have good future," Serzh Sagrsyan said.

The commodity turnover between Armenia and Latvia for 2008 totaled
$11.3 million, including $1.17 million was the share of export, and
$10.113 million – import. Total commodity turnover between the two
countries for 2004-2008 amounted to $19.4 million. Armenia exports
to Latvia alcohol, vinegar, optics and imports locomotives, meat and
fish products.

It is noteworthy that Norvik Universal Credit Organization was
founded in February 2006. In early July 2006 the company was licensed
and registered as Norvik UCO. The company has mid-term plans to be
reorganized into a commercial bank. The company has leading positions
in the market encompassing 27 loan companies.