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Russian businessmen reluctant to invest in Armenian Economy

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  • Russian businessmen reluctant to invest in Armenian Economy

    RUSSIAN BUSINESSMEN RELUCTANT TO INVEST IN ARMENIAN ECONOMY

    Armenpress

    YEREVAN, MAY 17, ARMENPRESS: The Armenian cochairman of an
    Armenian-Russian inter-parliamentary commission Vahan Hovhanesian,
    who is also deputy parliament chairman, told a news conference today
    that Russian businessmen are reluctant to invest into Armenian economy
    concerned about the extent of Armenian economy's freedom and its
    monopolization by domestic business groups. Speaking at a joint news
    conference with his Russian counterpart Nikolay Ryzhkov after the
    end of a regular meeting of the commission in Yerevan, Hovhanesian
    promised to provide the Russians with a full relevant information.

    The Russian delegation comprised 7 parliament members, 4 senators
    and a delegation of businessmen. Resumption of operation of several
    Armenian enterprises which Yerevan handed over to Moscow to write off
    its almost $100 million debt was high on the meeting's agenda. Ryzhkov
    argued that the Russian-Armenian deal, christened as Assets for Debt,
    was a political deal rather. He added that an array of legal problems
    should be resolved to remove obstacles for their effective resumption.

    Speaking about Russian-Georgian relations, Ryzhkov, a Soviet prime
    minister of Mikhail Gorbachev, described Georgia's president Mikhail
    Saakashvili as "very young and too emotional," saying also that
    Russian-Georgian problems should be solved through political means
    and that "punishment measures' would hardly be effective. ;Ryzhkov
    said he is against imposing economic sanctions on Georgia as the
    move would first of all hit Armenia, since Georgia is Armenia's sole
    conduit to the outer world.

    Ryzhkov argued that the life would teach Saakashvili to avoid making
    drastic mistakes and unpredictable moves which he said provoke
    Russia's tough reaction. "US president George W. Bush comes and goes
    while Georgia stands where it is. Georgia and Russia are neighbors
    and should live in peace," he said
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