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Government Armenia is a republic. A new post-Soviet
constitution
was adopted by public Referendum on 5 July 1995.
Geography Modern Armenia is a small, strategically
importantcountry located at the crossroads of Europe and Asia.
Armenia is rich in certain natural resources, amongthem,
deposits of copper, molybdenum, zinc, aluminiumand gold.
Climate The climate is highland continental with hot, dry
summers and cold winters.
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After a tentative recovery from a deep recession
in 2009, the economy is estimated to haveexpanded by 4% in
2011.
The National Statistics Service announcedgrowth of 6.5% in the
three months toSeptember 2011, an increase of 40.1%
year-on-year
Exports climbed 24.1% in November from thesame period 12 months
ago to USD124.1m
Imports climbed to USD380.4m, up 6.7% fromNovember 2010
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The IBR survey tells us that businesses inArmenia are more
optimistic for the year
ahead than they were in 2010. Expectations for hiring staff has
increased
slightly, but revenue and profitabilityprospects have
declined.
Reduced demand and a lack of skilledworkers are the major
constraints on businessgrowth prospects.
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CHEMICALS ELECTRONIC PRODUCTS
MACHINERY PROCESSED FOOD SYNTHETIC RUBBER TEXTILES, etc.
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There is a positive and open attitude towardsforeign investments
in Armenia.
an Open door investment principle
protection of investors rights provision of equalconditions for
foreign and domestic investors. Armenias cumulative rating
according to the
Heritage Foundation Index of Economic
Freedom, is 69.9, Moderately Free, making itseconomy the 31st
freest in the 2009 Index.
Armenia is ranked 18th freest among the 43countries in the
Europe region, and its score puts
it above the world average.
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The Ministry of Economy of the RA. This Ministry is
responsiblefor implementing foreign investment policy and
preparingattractive investment packages,
etc.(http://www.mineconomy.am/)
The Business Support Council of the RA, which consists of apanel
of well-known local business representatives and membersof
Government. The Business Support Council is active inorganizing
discussions covering the whole range of businessissues, and giving
solutions to these issues, where needed.
The Armenian Development Agency. This Agency was formedin 1998
to act as the adviser and presenter of Armenian
economicopportunities to foreign investors, as well as to assist
Armeniancompanies in exporting their products and services
abroad.(www.businessarmenia.com)
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The following incentives for foreign investors are
available in Armenia.Ownership: 100% ownership permitted.
Admission: No screening and no specificapproval/ authorization
for making aninvestment.
Ownership of land: A company registered by aforeigner in Armenia
has the right to buy land. Import duty: No duty on raw materials.
Export duty: None.
VAT on export: Refunds are provided
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Losses: Losses incurred by businesses may becarried forward up
to a maximum of five years.
Exchange control: Free operation of foreign
currency accounts. Remittance: No restrictions on remittances.
Staff recruitment: No restrictions. Location: No sectoral or
geographical
restrictions on investments. Investment guarantees: Five-year
Grandfather
Clause1, 37 bilateral treaties, and membership ofMIGA.
Dispute resolution: ICSID Signatory. Full
member of WTO since the end of 2002.
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Telecommunication and Transportation Power and Utilities
Mining and Metallurgy Light and Food industry Trade (wholesale
and retail) Transport Real estate etc.
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