Russia becomes Armenia's biggest investor

Russia is the biggest investor in Armenia, according to data for the first 9 months of 2011, News Armenia reports.

Russian investments in Armenia in 2011 increased by 48.3% and reached $283.8 million, while direct investments increased by 80.4%, reaching $267.3 million compared with the same period in 2010.

Russian investment covers 48.4% of total foreign investments and 57.8% of direct investments.

24.8% of investments ($145.4 million) were spent in metal production, 11.9% ($69.7 million) in the electricity, gas, water and steam sectors, 5.7% ($33.4 million) in communications.

Armenia received some $586.7 million of investments in the first nine months of 2011, $462.5 million of them were investments in the real sector.