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OSCE assists Armenia to attract foreign investment at London event

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  • OSCE assists Armenia to attract foreign investment at London event

    Organization for Security and Co-operation in Europe
    Office in Yerevan
    22 March 2004

    OSCE Office assists Armenia to attract foreign investment at London event
    YEREVAN, 22 March 2004 - Perspectives of the Armenian Mining Industry were
    the focus of discussions at the International Investment Forum held last
    week in London. The Forum was organized jointly by the OSCE Office in
    Yerevan, the Armenian Ministry of Trade and Economic Development and the
    Association of Mining Analysts of London.

    The event, held on 17 March, gathered more than 40 representatives of
    international mining and financial institutions, international
    organizations, Armenian Government officials and the management of Armenian
    mining enterprises.

    Karen Chshmarityan, Armenian Minister of Trade and Economic Development,
    introduced the participants to the Armenian investment climate, legislation
    and the policies of his government to create an investment- friendly

    "Private investment, as a priority for Armenia's industrial and economic
    development, enjoys an open-door policy and equal legal standards for
    domestic and foreign businesses," he said.

    He elaborated on the intention of the Government to privatize the Zangezur
    copper molybdenum mining enterprise located in the Syunik province of

    Foreign investors who already do business in Armenia and representatives of
    international organizations shared their experiences and underlined the
    positive attitude of the Government towards foreign investors.

    The potential privatization of Zangezur is estimated to be worth several
    million dollars in new investments and will have a tremendous impact on the
    entire Armenian economy, as well as on the Syunik province in particular,
    where the OSCE Office has already launched a project promoting
    socio-economic development.

    The Forum was a practical result of the OSCE New Strategy Document for the
    Economic and Environmental Dimension (Maastricht, 2003) and recommendations
    of the 2nd Preparatory Seminar for the Economic Forum (Dublin, 2004), where
    the OSCE recognized that "foreign and domestic investments, including in
    industry, is a necessary condition for sustainable and environmentally sound
    economic growth, general well-being and stability."