Armenia's Economic Pulse

[Zeytun]

Re: Armenia's Economic Pulse

How similar is it to the DCFTA we had earlier? What is demanded of the Armenian side and what are the perks? Do we get access to the EU market? That would be so awesome!

In other news,

https://renewablesnow.com/news/to-the-point-uae-firm-plans-usd-100m-solar-investment-in-armenia-562476/

Wish it was the IMF or WB doing the investment instead.

Yeah some positive stuff, This government looks much more professional.
If someone gets his hands on the new EU document please share.

[HyeSocialist]

Re: Armenia's Economic Pulse

Yeah some positive stuff, This government looks much more professional.
If someone gets his hands on the new EU document please share.

http://arka.am/en/news/business/armenia_to_become_member_of_asian_infrastructure_investment_bank/

More good news!

This is what Armenia needs to do. Have a foreign ministry that connects the world, with the republic, with the diaspora.

[londontsi]

Re: Armenia's Economic Pulse

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[Haykakan]

Re: Armenia's Economic Pulse

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For those that do not understand Armenian.
Vedi Water Reservoir construction launched in Armenia


YEREVAN, March 29. /ARKA/. Serzh Sargsyan, Armenian president, traveled Tuesday to the country’s Ararat province to attend the ceremony of laying a foundation for Vedi Water Reservoir.x

The officials who were present at the ceremony expressed hope that the beginning of the construction of the first water reservoir since Armenia became independent in 1991 will lay groundwork for development of the sector and that results will be seen three or four years later. x

Specialists say 29.4 million cubic meters of water can be kept in this reservoir. The reservoir will be filled from Vedi and Khosrov rivers. Two levees are planned to be built here.

The program implementation is estimated to cost €90 million. The financial resources will come from the French Development Agency with the Armenian government co-financing.

The water reservoir will ensure irrigation of 7,500 hectares of land in Ararat Valley and will also contribute to restoration of environmental balance in Lake Sevan. xx

The water reservoir has been designed by France’s ARTELIA EAU & ENVIRONMENT and Belgium’s SHER Ingenieurs-Conseils in cooperation with Jrtuk LLC. The builders of the water reservoir are Armenia’s Sahakyanshin and Iran’s Pega Construction. The construction of the levees and supporting infrastructures was launched in March 2017 and is expected to be completed in March 2021.x

Sargsyan was informed that some 250 new jobs with an average salary of 220,000 or 250,000 ($455-517) will be created here.

The foundation-laying ceremony was also attended by Vachge Gabrielyan, minister of international economic integration and reforms, as well as the provincial governor, the head of the Water Committee, the French and Iranian ambassadors, the head of the French Development Agency’s office for the South Caucasus, and other officials. --0-

http://arka.am/en/news/business/vedi_water_reservoir_construction_launched_in_armenia/

[londontsi]

Re: Armenia's Economic Pulse

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[londontsi]

Re: Armenia's Economic Pulse

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[Zeytun]

Re: Armenia's Economic Pulse

https://www.azatutyun.am/a/28414614.html

Armenian Government Plans Extra Spending In 2017

Citing improved tax collection, the Armenian government said on Thursday that it hopes to spend roughly 50 billion drams ($103 million) more than expected this year.

Prime Minister Karen Karapetian and Finance Minister Vartan Aramian announced those plans at a weekly cabinet session in Yerevan.

“We can increase our tax revenue [projected for] this year by around 50 billion drams and spend as much on capital projects so that we can target much faster economic growth for 2018,” Aramian said at the meeting.

“We need more capital spending in this country so that we can ensure faster economic growth,” he told reporters afterwards. He did not specify which concrete projects the additional tax revenue, which totaled 11.5 billion drams in the first quarter of this year, will finance.

According to government data, economic growth in Armenia slowed to 0.5 percent last year amid a continuing recession in Russia. Karapetian’s cabinet has forecast that it will accelerate to 3.2 percent this year.

The planned extra spending would be equivalent to about 4 percent of overall expenditures envisaged by Armenia’s 2017 state budget. The government had decided to cut public spending this year in order to curb a widening budget deficit that exceeded 5 percent of Gross Domestic Product in 2016. The 2017 budget also calls for higher tax revenue.

The State Revenue Committee (SRC) reported on Thursday that it collected 255 billion drams in taxes and customs duties in the first quarter, a year-on-year increase of 10.5 percent. The SRC attributed the increase to a tougher fight against corporate tax evasion and ongoing reforms of tax administration.

Vartan Harutiunian, the current SRC chief appointed in October, said in December that he plans to remove “corrupt and unhealthy elements” from the SRC. Karapetian, for his part, spoke in February of “fundamental” changes planned within Armenia’s tax and customs services making up the SRC. Corruption among tax and customs officials has long been endemic.

The prime minister said on Thursday that he expects the new SRC leadership to come up soon with a “plan for the second phase of reforms” of tax administration.

[Azad]

Re: Armenia's Economic Pulse

This is a good equation. Does anyone know about Spayka LLC if it is private Armenian company or some other country's subsidiary?
It looks a good business model. Having control of the transport than diversify with products for export.

https://www.armenpress.am/eng/news/887371/spayka-llc-plans-to-establish-roquefort-cheese-production-in-armenia.html

Checked their website they are vague on the "About Us" part.

https://www.spayka.am/en/about_us_block/about_us.html

[HyeSocialist]

Re: Armenia's Economic Pulse

This is a good equation. Does anyone know about Spayka LLC if it is private Armenian company or some other country's subsidiary?
It looks a good business model. Having control of the transport than diversify with products for export.

https://www.armenpress.am/eng/news/887371/spayka-llc-plans-to-establish-roquefort-cheese-production-in-armenia.html

Checked their website they are vague on the "About Us" part.

https://www.spayka.am/en/about_us_block/about_us.html

Spayka means United in Russian. Quite possibly an Armenian merchant in the food business that expanded into freight forwarding. Possibly wants to be anonymous. Who knows. But the company seems to be behaving like your textbook conglomerate. Kudos for him! Thanks for sharing. Hopefully he becomes a bigger freight forwarder in all of the CIS. It's a good business, and one that I am in.

[HyeSocialist]

Re: Armenia's Economic Pulse

http://arka.am/en/news/business/rushydro_to_consider_sale_of_sevan_hrazdan_cascade/

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Hopefully, a company that manages utilities properly takes over. One of the draws to investment in Armenia is the low energy costs and abundant renewable energy potential. You can't develop these markets if all you do is pillage the people.