OSCE Office assists Armenia to attract foreign investment at London event

YEREVAN, 22 March 2004 - Perspectives of the Armenian Mining Industry were the focus of discussions at the International Investment Forum held last week in London. The Forum was organized jointly by the OSCE Office in Yerevan, the Armenian Ministry of Trade and Economic Development and the Association of Mining Analysts of London.

The event, held on 17 March, gathered more than 40 representatives of international mining and financial institutions, international organizations, Armenian Government officials and the management of Armenian mining enterprises.

Karen Chshmarityan, Armenian Minister of Trade and Economic Development, introduced the participants to the Armenian investment climate, legislation and the policies of his government to create an investment- friendly environment.

"Private investment, as a priority for Armenia's industrial and economic development, enjoys an open-door policy and equal legal standards for domestic and foreign businesses," he said.

He elaborated on the intention of the Government to privatize the Zangezur copper molybdenum mining enterprise located in the Syunik province of Armenia.

Foreign investors who already do business in Armenia and representatives of international organizations shared their experiences and underlined the positive attitude of the Government towards foreign investors.

The potential privatization of Zangezur is estimated to be worth several million dollars in new investments and will have a tremendous impact on the entire Armenian economy, as well as on the Syunik province in particular, where the OSCE Office has already launched a project promoting socio-economic development.

The Forum was a practical result of the OSCE New Strategy Document for the Economic and Environmental Dimension (Maastricht, 2003) and recommendations of the 2nd Preparatory Seminar for the Economic Forum (Dublin, 2004), where the OSCE recognized that "foreign and domestic investments, including in industry, is a necessary condition for sustainable and environmentally sound economic growth, general well-being and stability."