Why Investments Are Not Coming to Armenia: Commentary by Finance Minister Atom Janjughazyan

The direction of the Armenian government's economic policy is clearly outlined in its program. We have stated that we need to have a high-tech industry focused on competitiveness, a participatory, inclusive economy, and steps are being taken in that direction. This was noted today by Finance Minister Atom Janjughazyan during a meeting with journalists, addressing claims from some economists that Armenia lacks a clear economic policy, which is why investments are not coming to our country.

Regarding investments, the minister remarked: “There is an ideological constraint that investments should be funds placed in some black box, and someone should come here and carry out some large-scale event. That may happen, but the probability is low in countries where the environment is transparent, and there are no discriminatory approaches, with no special importance given to anyone, and no non-competitive situation being created. In such countries, the expectations for such development are not justified.”

“One of the pathways to attracting investments is measures aimed at developing the capital market. Now, if we do not have a place where anyone can make not just a $500 million investment but a $5,000 investment, that is already an obstacle. We have today created infrastructure, allowing investments to be made in government bonds, but that does not solve the problem. We assume that investments should take place in the real sector, in the capital of companies, and the path to that, and a vision for having a developed financial market in the long run, is expected as a result of our numerous measures.”