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CORRUPT GOVERNMENT OFFICIALS MAJOR OBSTACLE TO BRINGING FOREIGN INVESTMENTS TO ARMENIA: IMF
YEREVAN, December 11. / ARKA /. Corrupt government officials are
one of the main obstacles to bringing foreign investments to Armenia
and running businesses here, IMF Resident Representative in Armenia,
Guillermo Tolosa, told a news conference today.
He said it is still difficult for foreign businessmen and investors
to work with the government, to negotiate deals; it is difficult to
accurately predict how much money will be needed to cover various
expenditures and how much to pay to government officials.
Mr. Tolosa said in view of complicated geopolitical situation in the
region, preventing the entry of foreign investors the Armenian market,
the government should attach great importance to ensuring progress
in improving the business environment.
On significant drop in foreign investment in the outgoing year Mr.
Tolosa said it was due to regional and global trends, as Armenia's
major investors are experiencing difficult times.
The total amount of foreign investment in the real sector of Armenian
economy in January-September 2012 decreased by 35.2% year-on-year to
$391 million. Foreign direct investment in the real economy sector
amounted to about $221.3 million, down from $479.4 million in the
first nine months of 2011. -0-
From: Baghdasarian
YEREVAN, December 11. / ARKA /. Corrupt government officials are
one of the main obstacles to bringing foreign investments to Armenia
and running businesses here, IMF Resident Representative in Armenia,
Guillermo Tolosa, told a news conference today.
He said it is still difficult for foreign businessmen and investors
to work with the government, to negotiate deals; it is difficult to
accurately predict how much money will be needed to cover various
expenditures and how much to pay to government officials.
Mr. Tolosa said in view of complicated geopolitical situation in the
region, preventing the entry of foreign investors the Armenian market,
the government should attach great importance to ensuring progress
in improving the business environment.
On significant drop in foreign investment in the outgoing year Mr.
Tolosa said it was due to regional and global trends, as Armenia's
major investors are experiencing difficult times.
The total amount of foreign investment in the real sector of Armenian
economy in January-September 2012 decreased by 35.2% year-on-year to
$391 million. Foreign direct investment in the real economy sector
amounted to about $221.3 million, down from $479.4 million in the
first nine months of 2011. -0-
From: Baghdasarian