Armenia to attract more foreign investors after joining EEU – economists
Armenian economists have positive expectations from the Eurasian integration’s economic impact.
Speaking to Tert.am, Artak Manukyan said he believes that the country’s membership in the Eurasian Economic Union (EEU) will essentially increase the investment volumes, attracting more foreign investors to the country.
“If we look upon the foreign investments, we will observe a decline in the past years’ [volumes]; nonetheless, investments with the Russian capital continue,” he said.
It comes after Sergey Ignatov, the Eurasian Development Bank’s country director in Armenia, said recently that he expects investors from other EEU member states to demonstrate a more active interest in Armenia after the country’s integration into the bloc.
Manukyan said he finds statements of the kind to be more declarative in nature, with the country not presently having any specific economic project to submit for approval. But he expressed his positive expectations for future.
According to economist Vilen Khachatryan, Armenia’s membership in the EEU will open an unlimited market for the country, promoting a future progress.
“My sole concerns have to do with our [ability] to use those potentials. If we manage to, it will be very positive and really ensure progress,” he said, stressing the need of giving freedom to entrepreneurs and ruling out restrictions or impediments by monopolies.
“Entrepreneurs must be given freedom to make the outcomes visible and tangible. [It is simply necessary] not to hamper their activities,” he noted.
But the economist said he doesn’t think that the EEU accession alone will be enough to increase the investment volumes. “Investments must be protected in our country,” he said, agreeing partially that membership in the economic bloc will offer a better protection to the domestic investors.
“Membership alone will not change our investment environment. It may improve it, but that doesn’t imply any changes at all,” he added.
Khachatryan further stressed the importance of directing investments to what he described as real sectors. “If, for example, there are plans to open a bank in Armenia to offer consumer loans, I don’t consider it a real investment. Such an investment has to produce a tangible result, by creating an exportable product,” he noted.
The economist said he thinks that the effectiveness of the Eurasian Bank’s assistance would depend upon the amount received. According to him, it is now early to predict an outcome without having a signed treaty or being declared a full-fledged member.
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