War in Nagorno-Karabakh changed investment plans of Armenian companies

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YEREVAN, May 31. /ARKA/. The 2020 autumn war in the Nagorno-Karabakh conflict zone unleashed by Azerbaijan with the support of Turkey made many Armenian companies to revise their investment plans and small businesses suffered the most, Petros Petoyan, co-owner and director of imr, said on Monday, presenting the findings of a national business survey conducted earlier this year to find out the priorities of the business community.

According to him, the survey showed that about 74% of companies had planned to invest in Armenia before the war, and after the war, some of them abandoned these plans.

According to the study, 41% have not changed their plans, 30% have changed plans and are not going to make new investments, 19% have decided to cut the planned investments, and 10% have also changed plans, but upward.

“Small companies (from 1 to 9 employees) have changed most of all their investment plans. This is the most vulnerable group of entrepreneurs who did not have additional resources,” Petoyan said.

For his part, the operations director of the Chamber of Commerce and Industry of Armenia, Vladimir Amiryan, noted that medium and large businesses have less changed their investment plans, which cannot be said about small companies and micro-businesses that are in a standby mode.

He noted that medium and large companies have more resources for long-term planning, which cannot be said about small ones.

In addition, according to him, in the regions of the country the companies changed their plans more than in Yerevan.

The national business survey on the priorities of the business community was commissioned by the Chamber of Commerce and Industry of Armenia and was conducted in February-March 2021 embracing 400 entrepreneurs both in Yerevan and the regions of the country. –0–

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