YEREVAN, October 15. /ARKA/. Armenia’s Economy Minister Tigran Khachatryan told a news conference today that the amount of foreign direct investment (FDI) in Armenia’s economy was not sufficient to ensure higher growth rates.
He said the minimum amount of FDI that would guarantee an average 8% economic growth should be 23-25% of GDP, up from the current 17%. He said in the first six months of 2018, the flow of foreign direct investment amounted to minus $51 million, which means that more funds were withdrawn from the country that arrived. According to him, this year, FDI have amounted to $202 million.
He said the government’s priority is to increase the attractiveness of doing business in Armenia, and, as a result, to attract a larger volume of investments.
According to official statistics, in the first half of 2019 total foreign investment in Armenia’s real sector economy increased by 26% year-on-year, foreign direct investment flows – by 20%. Total foreign investment in the first half of this year amounted to 705 billion drams against 558 billion drams in the same period of 2018, and the volume of foreign direct investment in the first six months of 2019 amounted to 152 billion drams against 126 billion drams in the first half last year. ($ 1 – 476.44 drams).