Last year, in 2022, the volume of total investments in RA amounted to AMD 1 trillion or about 20% of the GDP. Analyzing the recorded indicators, RA Prime Minister Nikol Pashinyan announced months ago from the podium of the National Assembly: “The volume of foreign direct investments in 2022 almost tripled to USD 1 billion, significantly increasing between 2021 and all the previous years. Such an indicator is an exclusive record for Armenia”.
The Prime Minister especially highlighted the continuous improvement of support mechanisms and toolkit for maintaining an unceasing pace of investment attraction pursuant to the strategic approaches approved by the Government.
Based on the data of the first quarter of 2023, the volume of foreign investment flows in the real sector of economy amounts to AMD 33 billion and 362 million. In January-March 2023, compared to the same period of 2022, direct investments increased by about AMD 10 billion and 928 million. The fact that the attraction of investments to RA has a strategic importance, has been highlighted by many prominent people at different times.
In one of the interviews given in 2018, Saribek Sukiasyan, the Chairman of the Board of Armeconombank, referred to the investment policy conducted by RA. Saribek Sukiasyan.”We have a great opportunity to make Armenia an attractive platform for investors.Due to the non- violent revolution, our country is highly rated in international platforms and that fact must be used for the benefit of economic development and welfare of citizens”.
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Sukiasyan also noted that the attraction of investments by the country requires a systematic work along with various effective factors. “Only internal political stability of the country or effective fight against corruption are not enough to stimulate investments. It is necessary to emphasize the reduction of types of taxes, to consolidate them, simplifying the tax payment mechanisms as much as possible.”
According to the businessman the low taxes, reduction of taxes are a good incentive for attracting investments and, therefore, for increasing the number of taxpayers. “The investor always wants to invest in the country, where the laws do not hinder the business growth and there is a trust that such laws have not undergone changes for at least 5-10 years”, – emphasized Sukiasyan.
He also noted that the positive changes in the political field create new and greater opportunities for foreign investments. “The fight against monopolies, prevention of corruption risks, ensuring a favourable environment for businessmen urge many people to have their own business or to think about developing and expanding the existing one՞.
According to Sukiasyan, the positive changes implemented within the state create a strong connection between the economic sector and the banking system.
