Investment Protection System should be Installed: Artsvik Minasyan

The International Finance Corporation (IFC) and Business France will help Armenia prepare a new law on investments. Artsvik Minasyan, RA Minister of Economy,  told about this on joint session of the National Assembly committees, and regarding the performance of the 2015 State Budget.

“In investment policy we should fundamentally review approaches applied until now,” the Minister said.

In his words, his ministry has focused especially on the avenues for the protection of foreign investments, and the implementation of the grandfather clause—a clause that is included as part of a new law that exempts specific parties from the law due to practices that were in place prior to the law’s implementation.

At the same time, as per Minasyan, adequate conditions will be created for local investors. Otherwise, they will set up fictitious companies abroad, through which they will send investments to Armenia.

“We want to finalize the bill on foreign investors; we want it to be fundamental,” noted the minister. “The IFC and Business France also are assisting us here.”