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ARMENIAN PRIVATE SECTOR AVOIDS LONG-TERM INVESTMENT: SCIENTIST SAYS
YEREVAN, August 14. / ARKA /. Armenian private sector avoids long-term
investment that will pay off in 10-15 years, so it will not invest
in science, according to Arthur Iskhanian, a correspondent-member of
the National Academy of Sciences.
Speaking at a news conference today he said Armenia's private sector
is unable to understand the need of long-term investment.
"What they want is quick dealings: to sell something and get the
money back in the same day, while investment in science may pay off
only in 10-15 years ", he said.
He recalled that by size of government funding to science - 0.25%
of GDP- Armenia is on the lowest positions in the world. "There is
no country that would release less money to science than Armenia",
he argued.
Mr. Ishkhanian disagreed with arguments that there is no money. "For
example, subventions to Yerevan last year totaled about 7 billion
drams, which is more than half of the funding of science.
This amount is spent on road repairs and replacement of curbs. I
believe that our country could survive a year without replaced curbs.
Instead we could have several modern scientific institutions, which
could bring billions of dollars in revenue, " he said. -0-
- See more at:
http://arka.am/en/news/economy/armenian_private_sector_avoids_long_term_investmen t_scientist_says/#sthash.bnDFhcLB.dpuf
YEREVAN, August 14. / ARKA /. Armenian private sector avoids long-term
investment that will pay off in 10-15 years, so it will not invest
in science, according to Arthur Iskhanian, a correspondent-member of
the National Academy of Sciences.
Speaking at a news conference today he said Armenia's private sector
is unable to understand the need of long-term investment.
"What they want is quick dealings: to sell something and get the
money back in the same day, while investment in science may pay off
only in 10-15 years ", he said.
He recalled that by size of government funding to science - 0.25%
of GDP- Armenia is on the lowest positions in the world. "There is
no country that would release less money to science than Armenia",
he argued.
Mr. Ishkhanian disagreed with arguments that there is no money. "For
example, subventions to Yerevan last year totaled about 7 billion
drams, which is more than half of the funding of science.
This amount is spent on road repairs and replacement of curbs. I
believe that our country could survive a year without replaced curbs.
Instead we could have several modern scientific institutions, which
could bring billions of dollars in revenue, " he said. -0-
- See more at:
http://arka.am/en/news/economy/armenian_private_sector_avoids_long_term_investmen t_scientist_says/#sthash.bnDFhcLB.dpuf