Russia is largest foreign invesor in Armenian economy

Russia is largest foreign invesor in Armenian economy
ARKA, 07.06.2010

Deputy director of Russian Institute of Strategic Studies (RISS), Igor Prokofyev, said Saturday in Yerevan that Russia is the largest foreign investor in Armenian economy.

He arrived in the Armenian capital of Yerevan to participate in a round table on the Armenian-Russian cooperation and regional problems. The discussions were organized by the ruling Armenian Republican Party and the RISS. According to him, the total amount of Russian investments in Armenia since 1991 has reached $2.4 billion,.

‘Russia is not only the leader in terms of investments volume, but also in terms of investments pace,’ Igor Prokofyev said adding that Russia invests in Armenia’s energy, banking, mining, construction, information and telecommunications sectors.

He also commended Armenia’s leadership for welcoming the arrival of leading Russian companies in Armenia that helps raise Armenia’s investment attraction for other countries.

“Economic relations between Russia and Armenia are traditionally a major factor of Armenia’s social-economic advancement. They have, particularly, secured a guaranteed electricity supply having also a positive effect in terms of employment here,’ he said. He also reminded that the bulk of individual remittances to Armenia, a significant component of local economy, arrives from Russia. -0-