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ARMENIAN SAW $500 MILLION FOREIGN INVESTMENT LAST YEAR

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.

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