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BAKU; Major investors in Upper Garabagh disclosed

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  • BAKU; Major investors in Upper Garabagh disclosed

    AzerNews, Azerbaijan
    Jan 6 2005

    Major investors in Upper Garabagh disclosed

    Base Metals and Garabagh Telecom companies are major investors in the
    self-proclaimed Upper Garabagh Republic, Armenian press reported last
    week.


    According to the reports, Base Metals with 700 employees has been
    developing copper and gold deposits in the region for many years. The
    company, which exported the first consignment of copper and gold to
    European markets in October, has invested $7 million in Upper
    Garabagh over a year and a half and plans to invest a total of $20
    million in the region. According to the company director Artur
    Mkrtumian, processed bars of copper and gold are produced in Armenia
    and then exported to Europe. Copper and gold fields in Upper Garabagh
    are to be developed within 20 years, he said.


    Another major investor Garabagh Telecom has been providing
    telecommunications, cellular and Internet services in the region
    since February 2002. The company has invested $15 million and
    succeeded in establishing a mobile communications system which
    currently covers 75% of the Upper Garabagh territory.

    US-funded project
    US Agency for International Development (USAID) signed an agreement
    with the Armenian Assistance Foundation in October to implement a
    humanitarian project in Upper Garabagh before September 2007.
    3,000 houses and social establishments located in five districts of
    Upper Garabagh, Azerbaijan's region occupied by Armenia, will be
    restored under the project.
    A tender for the rehabilitation of 23 houses, 20 medical stations and
    water pipelines in Asgaran region has been announced. Restoration
    operations will commence in April 2005.
    The project manager Andranik Sarkisian told the Armenian press that
    rehabilitation work started in Khojavand region in November.
    Renovation of 290 houses, 11 medical stations and water pipelines in
    Aghdara region will begin shortly, Sarkisian said.
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