First half foreign investment in Armenia increased by 4.7 billion drams to 81.9 billion drams, economy minister
YEREVAN, October 8. / ARKA /. First half foreign investment in the Armenian economy increased by 4.7 billion drams to 81.9 billion drams, economy minister Karen Chshmarityan said today. He specified that net foreign direct investment (FDI) in the first half slashed by 58% year-on-year or 42.7 billion drams to 30.7 billion drams (about $64.3 million.). The minister said the bulk of FDI in 2014 came from the sale of 20% shares of Gazprom Armenia to Russian Gazprom.
"According to our forecasts, this year's deal to sell Vorotan HPP will fill this gap," Chshmarityan said. The largest investors in Armenia in the first half, according to the minister, were Germany -11.1 billion drams, Cyprus – 11 billion drams, UAE – 9.3 billion drams, the Virgin Islands – 8.4 billion drams, Argentina - 7.8 billion drams and Canada - 6 billion drams.
He said Germany invested largely in the production of basic metals, Cyprus in the mining sector, production of metals and wholesale trade, UAE - into wholesale and manufacture of electronics, Argentina - in agriculture and air transport, Canada - in food and production of cigarettes.
More precisely, 35 billion drams were channeled into the processing industry, 13.1 billion drams into wholesale and retail trade, 11.8 billion drams into the mining industry and 11.5 billion drams into information and communication sectors.
The minister also said that no member state of the Eurasian Economic Union was among the largest investors in Armenia in the first half.. ($ 1 - 472.37 drams). -0-
"According to our forecasts, this year's deal to sell Vorotan HPP will fill this gap," Chshmarityan said. The largest investors in Armenia in the first half, according to the minister, were Germany -11.1 billion drams, Cyprus – 11 billion drams, UAE – 9.3 billion drams, the Virgin Islands – 8.4 billion drams, Argentina - 7.8 billion drams and Canada - 6 billion drams.
He said Germany invested largely in the production of basic metals, Cyprus in the mining sector, production of metals and wholesale trade, UAE - into wholesale and manufacture of electronics, Argentina - in agriculture and air transport, Canada - in food and production of cigarettes.
More precisely, 35 billion drams were channeled into the processing industry, 13.1 billion drams into wholesale and retail trade, 11.8 billion drams into the mining industry and 11.5 billion drams into information and communication sectors.
The minister also said that no member state of the Eurasian Economic Union was among the largest investors in Armenia in the first half.. ($ 1 - 472.37 drams). -0-