OSCE Office helps organize event in London to attract investments in Armenia's mining sector

YEREVAN, 23 November 2005 - The OSCE Office in Yerevan and the Ministry of Trade and Economic Development yesterday organized a seminar on investment opportunities in Armenia's mining sector within the framework of the World Mining Congress, held in London.

"Today, Armenia's mining sector is very different from what it was a decade ago," said Karen Chshmarityan, Armenia's Minister of Trade and Economic Development. "Ensuring favourable conditions for domestic and foreign investors, developing downstream industries, as well the environmental soundness of mining and processing operations are now in the focus of our efforts."

More than 150 representatives of leading mining and engineering companies, investment groups and financial institutes attended the seminar and an exhibition on business opportunities in Armenia.

They also learned about the perspectives of the socio-economic development of the Syunik region, from a study commissioned by the Office in order to enhance local economic development of this remote district of Armenia, which is a centre of the country's mining and processing operation.

Similar activity was organized by the OSCE Office in Yerevan last year to assist the Government in privatizing the "Zangezour" Copper-Molibdenum Mining and Metallurgical enterprise, which employs more than 5000 people and accounts for around 90% of the Syunik province industrial output.