Corruption is the biggest obstacle to foreign investments in Armenia

Corruption and unhealthy atmosphere in the domestic business are  the biggest obstacle to foreign investments  in Armenia,  the head of the National Union of Employers Gagik Makaryan said today citing data of the Transparency International organization which rates Armenia as a regional leader in terms of corruption, ARKA news agency reported.

According to the latest  study of Transparency International - Global Corruption Barometer, Armenia is one of the most corrupt countries in Europe and Central Asia. The respondents of the survey singled out the  high level of corruption in government institutions and the insufficient efforts of the authorities to combat  it. 

Makaryan believes that a special investment fund should be established and a working group that will support investors from abroad. "The working group will make recommendations to investors, helping them to adapt to the local  environment and enforce their rights. Even the example of Syrian Armenians who have decided to invest in Armenia, shows that we" speak different languages "and perceive many things  differently," Makaryan said. 

According to Makaryan, Armenia’s most important economic sector is agriculture, as there is always a great demand for fresh fruits, vegetables, and dried fruits. "Modern fruit gardens, new greenhouses - all this will create great opportunities for exporting quality agricultural products," he said.

Makaryan said the second important branch is energy. In his words, traditional energy sources in Armenia have been exhausted, but instead there are good prospects for the development of alternative energy. And the third, the most attractive sector for foreign investors is engineering and IT technology.  "Armenia demonstrates quite a good performance in this area. Our advances in technology can really attract investors," ARKA quoted him as saying.