Armenian authorities should hold a roadshow on priority projects to attract investors

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YEREVAN, December 10. /ARKA/. The Armenian authorities should hold a roadshow on priority projects to attract investors, economist and founder of the School of Banking Management Ashot Osipyan told reporters on Wednesday when speaking at a video conference organized by the Economic Journalists Club.

In his words, the Armenian authorities must solve today the global problem taking into account the fact that the country is credit-centralized and the economy has grown in recent years due to bank loans.

He pointed out the need to switch to investment with the government carrying out projects to attract investments.

“It is necessary to hold a roadshow and help businesses to raise funds from abroad, thereby attracting investors to Armenia. This is very important for the development of the economy,” said Osipyan.

As an example, he cited the experience of Georgia, which, thanks to specific projects and roadshows, was able to attract significant investments for the country’s development.

At the same time, Osipyan stressed that it is very important to determine the areas and instead of making declarative statements fight for investors.

He said the areas that can be capitalized are telecommunications, the mining sector, the IT sector,. ‘For this, the Ministry of Economy, must show the way to the private sector and help implement pilot projects,’ Osipyan said.

According to him, in order to stimulate development, it is also necessary to revise the legislation, in particular, amend the law On Bank Secrecy, canceling the previous amendments and strengthening the observance of banking secrecy, which will bring more investment and loans in the banking system.

“In general, the state has very negative expectations, especially in the context of economic development, and everything must be done to dispel them, which is very difficult. For this it is necessary to have two doctrines: political – where Armenia is going to – and what is the role of the country in the world economy. It is necessary for banks and foreign investors to understand what Armenia is and where it is heading to,” Osipyan said.

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