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Russia Cuts Investments To Armenia By 3.04 Pct

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  • Russia Cuts Investments To Armenia By 3.04 Pct

    RUSSIA CUTS INVESTMENTS TO ARMENIA BY 3.04 PCT

    ARKA
    June 2, 2009

    YEREVAN, June 2. /ARKA/. Russian investments in Armenia dropped almost
    3.04 pct to $33.1mln this year, the RA National Statistical Service
    (NSS) reports.

    According to statistics, Russian investments comprised 17.8% of total
    investments in Armenia and 20.1% of direct investments. During the
    period under review, Russian direct investments in Armenia's economy
    dropped 49% year-on-year.

    Russia is the third largest investor in Armenia and the number two
    direct investor in the country's economy.

    The lion's share (86.1% or $28.6mln) of investments was injected into
    the communications sector. Russia invested $1mln 782,400 (5.4% of
    total investments) in electricity, gas, water and steam distribution,
    $930,000 (2.8%) in cultural activities and recreations, $881,200
    (2.7%) in others services, $769,200 (2.3%) in wholesale trade and
    brokerage business (without cars and motorbikes trade).

    Russia also allocated funds for hotel and restaurant business
    ($109,000), shoe and leather making ($79,900), food and beverage
    industry ($30,000) and education ($13,500).

    Russian investments in Armenia totaled $186.3mln in Q1 2009, compared
    to $100.8mln in the same period last year, with direct investments
    totaling $54.9mln.

    Foreign quarterly investments in Armenia reached $186.3mln with
    $139.3mln direct investments.
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