No announcement yet.

Hovnanyan: Armenia - A Country Of New Foreign Investment Opportuniti

  • Filter
  • Time
  • Show
Clear All
new posts

  • Hovnanyan: Armenia - A Country Of New Foreign Investment Opportuniti


    June 29, 2011

    YEREVAN, June 29. /ARKA/. Armenia is a country of new foreign
    investment opportunities, said the large American entrepreneur
    of Armenian origin, the head of "Hovnanian International" Vahagn
    Hovnanian in the press-conference on Wednesday.

    "Armenia is a young country and people need new products and businesses
    which creates large opportunities for the investors.

    Armenia, as human beings, becomes better and better for years",
    he said. Armenia is a wonderful place for business development but
    people should work honestly and correctly as "every business has
    its etiquette".

    "I have been always worked honestly and didn't ask anything from
    anybody. I even don't know the names of the majority of the ministers
    and there is no need for me to know them. A businessman relying upon
    any of state officials is doomed to failure", said Hovnanian.

    He named the main factors hindering the business environment in
    Armenia and involvement of new foreign investors.

    "First is inflexibility of legislation, second is small market. But
    I think that the worse thing is monopolization of the market", he said.

    Hovnanian considers that for demonopolization of the market in Armenia
    it is necessary to develop small business.

    Member of Parliament from the ruling Republican Party Manvel Badeyan
    added that the hindering factors of the development of business
    environment in Armenia is also unfavorable geographic location of
    Armenia, political conflicts with neighbor countries, corruption and
    management problems.

    "As for monopoly, I should mention that the worse thing is that any
    monopoly will take out own capital from the country and seek other
    markets", said Badeyan.

    Vahagn Hovnanian, Armenian by origin, was born in Iraq and lived his
    life in USA. He graduated from St. Joseph University in Philadelphia
    and received the degree of Bachelor of Physics.

    In 1959, Hovnanian and his brothers established "Hovnanian Brothers
    Corporation" where he occupied the post of the vice-president. During
    the next ten years, Hovnanian brothers developed many projects and
    built thousands of houses in New Jersey. In 1969 Hovnanian founded
    his own construction company "Hovbilt Inc.".

    After the declaration of independence in Armenia, Hovnanian put his
    capital into different projects in the country. Particularly, he built
    one of the most elite cottage settlements of Armenia - the district
    "Vahakni"in the neglected outskirt of Yerevan.