Macedonian Press Agency, Greece
June 8 2005

Yerevan, 8 June 2005 (14:34 UTC+2)

Armenia is ready to welcome even more Greek and other foreign
investors, offering a wide spectrum of incentives, according to a
statement made to MPA by Armenian Deputy Prime Minister Movik

He also underlined that Turkey must reopen the borders without
preconditions to facilitate the transportation of goods.

Armenian President Kocharyan personally oversees the whole process
confirmed Mr. Abrahamian.

Specifically, on the occasion of the events held within the framework
of the Business Conference held in Yerevan by the Black Sea Trade and
Development Bank, Mr. Abrahamyan stressed to MPA that Armenia is
ready to welcome and embrace the Greek investors.

Mr. Abrahamyan also stated that Armenia offers to investors a very
liberal taxation framework while there is a special approach,
offering significant incentives, for major investments. He added that
Armenian President Kocharyan personally oversees the whole process
while senior officials of the Armenian government have regular
meetings with foreign investors to deal immediately with any obstacle
to the investment activity.

Mr. Abrahamyan confirmed that Armenia is in a process of constant
adjustment and improvement of its legislation based on international
dictates and in cooperation with the responsible EU bodies. He added
that the country's geographic position, the rich natural resources,
the constant development of infrastructure and cheap labor, are
key-factors for the entry of more foreign investors in the Armenian
market. He also gave an emphasis on the issue of transparency in
transactions, stressing that state agencies are well aware that
strict sanctions will be imposed in case of irregularities.