Armenia Saw $500 Million Foreign Investment Last Year

ARMENIA SAW $500 MILLION FOREIGN INVESTMENT LAST YEAR
Armenpress
Apr 06 2006
YEREVAN, APRIL 6, ARMENPRESS: Foreign investments in Armenia in the
last 15 years, since its independence from the former Soviet Union,
have made more than $2 billion, of which $500 million were made
in 2005.
Armenian deputy trade and economic development minister Tigran Davtian
revealed these figures today during a news conference saying also
that direct foreign investments in Armenia last year amounted to $400
million, a 31 percent growth over the previous 2004. Davtian said the
government expected last year at best $350 million of direct foreign
investments. He said investments were made last year also in banking
sphere and in some private companies making altogether $504 million.
Davtian said this amount of foreign investments inflow will build up a
serious basis for dynamic and sustainable economic development. He said
50 percent of investments came from EU member countries, about 20-25
percent from Russia, followed by the USA, Argentina and Lebanon. The
biggest investment-$132 million- was made in telecommunication,
prompted by lifting ArmenTel’s exclusive right in the mobile phone
services.
About $98 million were invested in mining industry, $53.3 million
were invested in Armenal foil manufacturing plant. He said some $7
million were invested in hotel services sector.