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AMULSAR IS THE INDICATOR OF INVESTMENT PHILOSOPHY OF THE WEST
Yesterday the ambassadors of the U.S. and the UK John Heffern and
Katherine Leach visited Amulsar and said the mine may attract a lot
of investments.
The UK and the United States identified several directions of
development for the Armenian economy. The United States used to speak
more about IT and tourism, while the UK focuses on natural resources
and the financial sector. Apparently, the United Kingdom is more
pragmatic and honest than the U.S. because there is only one major
project - the gold mine of Amulsar.
Banks and mines are two sectors which impoverish rather than enrich
Armenia. Gold extracted in Armenia is exported, and Armenia is left
with a small amount of taxes and ruined ecology. Banks kill the real
economy blocking develop of the economic entities.
Amulsar is located 10km from Jermuk, one of tourism centers of
Armenia. Exploitation of the mine, according to environmentalists,
will affect Jermuk negatively. The support of the U.S. ambassador
to the Amulsar project in no way matches with his statements on
development of tourism in Armenia.
I would like to believe that the refusal of the Armenian authorities
to permit production of gold of Amulsar is determined by good faith.
Attracting investments is important, of course, but not at any cost.
If the economic development of Armenia is important to the West, if
its purpose is not turning Armenia to one of the commodity-dependent
countries in which banks can launder money, it is better to invest
in the real economy, not mines.
It is clear that profit from a gold mine is bigger than the profit from
a software company. However, the U.S. and the U.K. should understand
that Armenia is not expecting such investments from the West. The
statements that these investments are hampered by problems in public
management, on this background, do not look quite adequate.
If Armenia can allow investments in the mining sector, nothing stops
it from developing IT and other sectors.
The Western countries have not made investments in Armenia for
many years. And the trust of the Armenian people in the investment
philosophy of the West will depend on what the first projects will be.
Amulsar will not build up confidence.
Naira Hayrumyan 11:28 28/06/2013 Story from Lragir.am News:
http://www.lragir.am/index/eng/0/comments/view/30306
Yesterday the ambassadors of the U.S. and the UK John Heffern and
Katherine Leach visited Amulsar and said the mine may attract a lot
of investments.
The UK and the United States identified several directions of
development for the Armenian economy. The United States used to speak
more about IT and tourism, while the UK focuses on natural resources
and the financial sector. Apparently, the United Kingdom is more
pragmatic and honest than the U.S. because there is only one major
project - the gold mine of Amulsar.
Banks and mines are two sectors which impoverish rather than enrich
Armenia. Gold extracted in Armenia is exported, and Armenia is left
with a small amount of taxes and ruined ecology. Banks kill the real
economy blocking develop of the economic entities.
Amulsar is located 10km from Jermuk, one of tourism centers of
Armenia. Exploitation of the mine, according to environmentalists,
will affect Jermuk negatively. The support of the U.S. ambassador
to the Amulsar project in no way matches with his statements on
development of tourism in Armenia.
I would like to believe that the refusal of the Armenian authorities
to permit production of gold of Amulsar is determined by good faith.
Attracting investments is important, of course, but not at any cost.
If the economic development of Armenia is important to the West, if
its purpose is not turning Armenia to one of the commodity-dependent
countries in which banks can launder money, it is better to invest
in the real economy, not mines.
It is clear that profit from a gold mine is bigger than the profit from
a software company. However, the U.S. and the U.K. should understand
that Armenia is not expecting such investments from the West. The
statements that these investments are hampered by problems in public
management, on this background, do not look quite adequate.
If Armenia can allow investments in the mining sector, nothing stops
it from developing IT and other sectors.
The Western countries have not made investments in Armenia for
many years. And the trust of the Armenian people in the investment
philosophy of the West will depend on what the first projects will be.
Amulsar will not build up confidence.
Naira Hayrumyan 11:28 28/06/2013 Story from Lragir.am News:
http://www.lragir.am/index/eng/0/comments/view/30306