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Armenia builds up its potential
Primary economic events of the week (24.10 - 31.10).
31.10.2009 GMT+04:00
On October 29-31, Yerevan hosted Expo-Russia Armenia - 2009 Annual
Russian Exhibition. Over 70 Russian companies took part in it. The
exhibition covered the following spheres: machine building,
metallurgy, high technologies, innovations, security, IT, building,
power engineering, automotive industry, transport, logistics,
telecommunications, communications, oil-and-gas industry, agricultural
and building machines, medicine and pharmaceutics, food, banks and
insurance companies, investments, geology, mining industry, tourism,
education, network business.
/PanARMENIAN.Net/ EXPO-RUSSIA ARMENIA exhibition will improve both
Armenian and Russian nations' wellbeing, Russian Foreign Minister
Sergey Lavrov said in his statement, read out by RF Ambassador to
Armenia Vyacheslav Kovalenko. `I'm confident that the exhibition will
contribute to multi-aspect collaboration strengthening between Armenia
and Russia. Both countries were always tied by friendly relations;
trade and economic cooperation is developing and product turnover
increasing, Russian investments are playing a key role in RA economy.
The exhibition will provide an opportunity for RA and RF
representatives of private sector and civil society to exchange
experience and agree about further cooperation projects,' the
statement said.
*
In January August 2009, good circulation volumes between Armenia and
Russia comprised $ 533.9 million, decreasing only by 15.5 in
comparison with last year, Economy Minister Nerses Yeritsyan told a
conference entitled `Russia-Armenia: Economic Cooperation?' The event
was organized in the frameworks of Second Russian Industrial
Exhibition Expo-Russia 2009 Armenia. `Over the recent years, there has
been increased activeness in our countries' trade-economic relations
but the paces slowed down a little because of global recession,' he
said.
In the meantime, good circulation with Russia increased by 3.8%, with
specific weight making up 22.6%, Minister noted.
Despite the difficulties and challenges of permanently changing modern
world, Armenia and Russia maintain the traditionally developed firm
economic ties. `Russia, as before, ranks as Armenia's first trade
partner,' Yeritsyan added.
The total volume of Russian investments currently comprises $ 3
billion, of which $2.3 billion are direct investments. `In
January-June 2009. Russian investments comprised $ 122.2 million, with
direct investments making up $ 98.9 million,' said the Minister.
As of January 1, 2009, the number of enterprises with Russian capital
increased to 1116 (13.4%) instead of the 984 registered last year.
*
"Economic performance of the country summarized in September, are
quite encouraging, and we can say that in August and September
stabilizing trends have been observed in the Armenian economy," RA
Minister of Finance of Armenia Tigran Davtyan told a press conference
in Yerevan today.
According to him, the economy has undergone through its critical
downturn in July 2009, when the GDP drop reached 18.5 per cent as
compared with the previous year. Within recent months small but steady
growth at 0.1 per cent has been outlined. "This suggests that after
October, we can show an economic recovery," the minister said.
The minister of finance expressed certain confidence that the
stabilizing trends will be soon replaced by the growth.
According to the data of the National Statistical Service of Armenia,
Armenia's GDP in January-September 2009 decreased by 18.3 per cent
against the same period in 2008.
*
The Armenian government is negotiating with international agencies to
restructure the public debt of the country, Tigran Davtyan , minister
of finance of Armenia told a press conference on October 28.
"Armenia's public debt almost doubled, but remains manageable, and
borrowed funds are sufficient for the current and the next years. Now
we have to think about restructuring of attracted credits," he said.
According to the finance minister, negotiations are held over
conditions of the borrowed loans with international financial
institutions, in particular, with WB and IMF.
"Despite the fact that loans were involved in good conditions,
however, we are working towards their restructuring in order to ease
the burden of the external debt," Tigran Davtyan said.
*
Armenia will soon ratify the Treaty establishing the EEC Anti-Crisis
Fund, the minister of finance of Armenia Tigran Davtyan said in
Yerevan, answering the question of PanARMENIAN.Net.
According Mr. Davtyan, "projects have been already prepared, the best
four are ready to submit to the fund in the future," he said. He said
that the ratification process and the drafting work are implemented
concurrently. Developed projects are related to energy, mining,
metallurgy, transport and are intended for major joint actors, not
small and medium businesses.
Treaty establishing the EEC Anti-Crisis Fund was signed at the meeting
of the EurAsEC Interstate Council in June in Moscow. The fund will
reach USD 10 billion. Russia will contribute about USD 7,5 billion,
Kazakhstan - USD $ 1 billion, Kyrgyzstan, Tajikistan, Armenia - USD 1
million each, Belarus will make a USD 10 million contribution.
*
It's time to re-evaluate the country's first technical resource,
Energy and Natural Resources Minister Armen Movsisyan told a
PanARMENIAN.Net reporter commenting on the decision of constructing a
new Nuclear Power Plant in Armenia. The exact date of terminating
operation of the old bloc and launching the new one is not yet
specified, he noted.
As regards location of new energy bloc, it will be situated in the
same square as the old construction.
New nuclear power plant will fully comply with international security
and environmental standards and be economically more cost-effective,
Minister said.
In an October 27 session, National Assembly adopted draft law `On
Construction New Nuclear Power Plant in Armenia'. The bill passed in
the third reading envisages construction of nuclear power plant with
1.2 thousand Mwt power. The plant whose construction will cost $ 4-5
billion will be handed over for operation for the term of 60 years.
Armenian Nuclear Power Plant (ANPP) is situated in Metsamor (about 30
km. south-west of Yerevan). Launched in 1976, it currently has one
operating bloc with 407.5 Mwt power(2nd bloc). According to
specialists' estimations, ANPP can operate till 2016.
*
Armenia is developing a feasibility study, document on the impact on
environment, RA Deputy Minister of Energy and Natural Resources Areg
Galstyan said.
`We will complete the feasibility study in several months and proceed
to preparation of a tender package to attract investors for
implementation of this grand project,' he said.
`The peculiarity of the project is that it will enable best
technologies known in the world. Research is carried out by Warly
Parsons American-Australian company which won the tender as a managing
enterprise,' he said.
*
In about 3 years, minor NPP production capacity in Armenia will
comprise 500 million kilowatt-hour, RA Deputy Minister of Energy and
Natural Resources Areg Galstyan said at round table discussions on
Armenia-Russia interaction in energetics sphere, held within
EXPO-RUSSIA 2009 Armenia exhibition frameworks. The capacity indicated
will allow to cover up to 8% of internal energy consumption, which is
a serious figure.
In this connection, Galstyan noted that minor Nuclear Power Plant
construction projects are private-owned, with government providing
rather attractive implementation terms. Among companies engaged in
minor NPP construction, Armenian ones prevail, there are also
companies from Russia as well as other countries.
Commenting on NPP number and capacity increase, Galstyan noted that
energy production in Armenia increased 2,5 times within last 5 years.
`5 years ago, minor NPP production capacity comprised 120 million
kilowatt-hour, whereas at present the figure rose to 120 million
kilowatt-hour,' he added.
Viktoriya Araratyan
Armenia builds up its potential
Primary economic events of the week (24.10 - 31.10).
31.10.2009 GMT+04:00
On October 29-31, Yerevan hosted Expo-Russia Armenia - 2009 Annual
Russian Exhibition. Over 70 Russian companies took part in it. The
exhibition covered the following spheres: machine building,
metallurgy, high technologies, innovations, security, IT, building,
power engineering, automotive industry, transport, logistics,
telecommunications, communications, oil-and-gas industry, agricultural
and building machines, medicine and pharmaceutics, food, banks and
insurance companies, investments, geology, mining industry, tourism,
education, network business.
/PanARMENIAN.Net/ EXPO-RUSSIA ARMENIA exhibition will improve both
Armenian and Russian nations' wellbeing, Russian Foreign Minister
Sergey Lavrov said in his statement, read out by RF Ambassador to
Armenia Vyacheslav Kovalenko. `I'm confident that the exhibition will
contribute to multi-aspect collaboration strengthening between Armenia
and Russia. Both countries were always tied by friendly relations;
trade and economic cooperation is developing and product turnover
increasing, Russian investments are playing a key role in RA economy.
The exhibition will provide an opportunity for RA and RF
representatives of private sector and civil society to exchange
experience and agree about further cooperation projects,' the
statement said.
*
In January August 2009, good circulation volumes between Armenia and
Russia comprised $ 533.9 million, decreasing only by 15.5 in
comparison with last year, Economy Minister Nerses Yeritsyan told a
conference entitled `Russia-Armenia: Economic Cooperation?' The event
was organized in the frameworks of Second Russian Industrial
Exhibition Expo-Russia 2009 Armenia. `Over the recent years, there has
been increased activeness in our countries' trade-economic relations
but the paces slowed down a little because of global recession,' he
said.
In the meantime, good circulation with Russia increased by 3.8%, with
specific weight making up 22.6%, Minister noted.
Despite the difficulties and challenges of permanently changing modern
world, Armenia and Russia maintain the traditionally developed firm
economic ties. `Russia, as before, ranks as Armenia's first trade
partner,' Yeritsyan added.
The total volume of Russian investments currently comprises $ 3
billion, of which $2.3 billion are direct investments. `In
January-June 2009. Russian investments comprised $ 122.2 million, with
direct investments making up $ 98.9 million,' said the Minister.
As of January 1, 2009, the number of enterprises with Russian capital
increased to 1116 (13.4%) instead of the 984 registered last year.
*
"Economic performance of the country summarized in September, are
quite encouraging, and we can say that in August and September
stabilizing trends have been observed in the Armenian economy," RA
Minister of Finance of Armenia Tigran Davtyan told a press conference
in Yerevan today.
According to him, the economy has undergone through its critical
downturn in July 2009, when the GDP drop reached 18.5 per cent as
compared with the previous year. Within recent months small but steady
growth at 0.1 per cent has been outlined. "This suggests that after
October, we can show an economic recovery," the minister said.
The minister of finance expressed certain confidence that the
stabilizing trends will be soon replaced by the growth.
According to the data of the National Statistical Service of Armenia,
Armenia's GDP in January-September 2009 decreased by 18.3 per cent
against the same period in 2008.
*
The Armenian government is negotiating with international agencies to
restructure the public debt of the country, Tigran Davtyan , minister
of finance of Armenia told a press conference on October 28.
"Armenia's public debt almost doubled, but remains manageable, and
borrowed funds are sufficient for the current and the next years. Now
we have to think about restructuring of attracted credits," he said.
According to the finance minister, negotiations are held over
conditions of the borrowed loans with international financial
institutions, in particular, with WB and IMF.
"Despite the fact that loans were involved in good conditions,
however, we are working towards their restructuring in order to ease
the burden of the external debt," Tigran Davtyan said.
*
Armenia will soon ratify the Treaty establishing the EEC Anti-Crisis
Fund, the minister of finance of Armenia Tigran Davtyan said in
Yerevan, answering the question of PanARMENIAN.Net.
According Mr. Davtyan, "projects have been already prepared, the best
four are ready to submit to the fund in the future," he said. He said
that the ratification process and the drafting work are implemented
concurrently. Developed projects are related to energy, mining,
metallurgy, transport and are intended for major joint actors, not
small and medium businesses.
Treaty establishing the EEC Anti-Crisis Fund was signed at the meeting
of the EurAsEC Interstate Council in June in Moscow. The fund will
reach USD 10 billion. Russia will contribute about USD 7,5 billion,
Kazakhstan - USD $ 1 billion, Kyrgyzstan, Tajikistan, Armenia - USD 1
million each, Belarus will make a USD 10 million contribution.
*
It's time to re-evaluate the country's first technical resource,
Energy and Natural Resources Minister Armen Movsisyan told a
PanARMENIAN.Net reporter commenting on the decision of constructing a
new Nuclear Power Plant in Armenia. The exact date of terminating
operation of the old bloc and launching the new one is not yet
specified, he noted.
As regards location of new energy bloc, it will be situated in the
same square as the old construction.
New nuclear power plant will fully comply with international security
and environmental standards and be economically more cost-effective,
Minister said.
In an October 27 session, National Assembly adopted draft law `On
Construction New Nuclear Power Plant in Armenia'. The bill passed in
the third reading envisages construction of nuclear power plant with
1.2 thousand Mwt power. The plant whose construction will cost $ 4-5
billion will be handed over for operation for the term of 60 years.
Armenian Nuclear Power Plant (ANPP) is situated in Metsamor (about 30
km. south-west of Yerevan). Launched in 1976, it currently has one
operating bloc with 407.5 Mwt power(2nd bloc). According to
specialists' estimations, ANPP can operate till 2016.
*
Armenia is developing a feasibility study, document on the impact on
environment, RA Deputy Minister of Energy and Natural Resources Areg
Galstyan said.
`We will complete the feasibility study in several months and proceed
to preparation of a tender package to attract investors for
implementation of this grand project,' he said.
`The peculiarity of the project is that it will enable best
technologies known in the world. Research is carried out by Warly
Parsons American-Australian company which won the tender as a managing
enterprise,' he said.
*
In about 3 years, minor NPP production capacity in Armenia will
comprise 500 million kilowatt-hour, RA Deputy Minister of Energy and
Natural Resources Areg Galstyan said at round table discussions on
Armenia-Russia interaction in energetics sphere, held within
EXPO-RUSSIA 2009 Armenia exhibition frameworks. The capacity indicated
will allow to cover up to 8% of internal energy consumption, which is
a serious figure.
In this connection, Galstyan noted that minor Nuclear Power Plant
construction projects are private-owned, with government providing
rather attractive implementation terms. Among companies engaged in
minor NPP construction, Armenian ones prevail, there are also
companies from Russia as well as other countries.
Commenting on NPP number and capacity increase, Galstyan noted that
energy production in Armenia increased 2,5 times within last 5 years.
`5 years ago, minor NPP production capacity comprised 120 million
kilowatt-hour, whereas at present the figure rose to 120 million
kilowatt-hour,' he added.
Viktoriya Araratyan