Armenia's Economic Pulse

[londontsi]

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[londontsi]

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[HyeSocialist]

Armenia to join EU’s Registered Exporter System in 2018

YEREVAN, June 22. /ARKA/. Beginning from 2018 January Armenia will start applying the EU’s Registered Exporter System (REX), the first deputy minister of economic development and investments Garegin Melkonyan said today during a discussion on EU’s GSP+ trade regime. The REX is the system of certification of origin of goods that applies in the Generalized System of Preference (GSP) of the European Union since 1 January 2017.

It is based on a principle of self-certification by economic operators who will make out themselves so-called statements on origin. To be entitled to make out a statement on origin, an economic operator will have to be registered in a database by his competent authorities. The economic operator will become a "registered exporter".

Melkonyan said Armenian exporters who register with the REX system will not need certificates of origin of goods when exporting 6000 euros worth goods to the European Union. Melkonyan added that this system is especially important for small exporters enabling them to save considerably both time and money.

Today’s discussion organized jointly with the European Commission, looked deep into the registration process and the opportunities provided by the REX system, as well as focused on the parameters that local companies must comply with in order to enjoy all these privileges. According to Melkonyan, the GSP + systems allows a larger number of goods for export to the EU - around 6,400.

"As a result, the cost of goods in the EU market will declining, increasing their competitiveness," he said.
He said one of the goals of the event is to raise awareness of the Armenian private sector about preferential terms of trade provided to Armenia by the EU. This, in his opinion, will spur Armenian exports to the EU countries.

The deputy minister also noted the main groups of these goods: metallurgy, textiles, food processing, beverages, and fish products. For these goods, as he explained, there is a zero or close to zero customs duty rates.

Armenia has been enjoying the GSP + system since January 1, 2014. The main condition for using the system is the country's membership in 27 international conventions on human rights, work, nature protection and management.

According to the National Statistical Service, in the first 4 months of 2017 Armenia’s trade with the EU grew by 11.6% to $396.4 million ( 23.5% of the total foreign trade). In 2016, it was worth about $1.218.7 billion (24% of the total foreign trade).

http://arka.am/en/news/business/arme...ystem_in_2018/

Verchapes. Armenia can leverage its access in the EEU with free trade in the EU to help boost exports and get people back to work. Once full employment is achieved, our people can slowly raise their living standards to middle income. The per capita GDP in the EU is 30k, and in the EEU is 13k, Armenia is still at $3500! Access to these markets can hopefully lift Armenia to a PPP of $10,000 per person. Not much, but at that stage, you're starting to have a scalable economy.

[Sukhoi22]

Armenia to join EU’s Registered Exporter System in 2018

YEREVAN, June 22. /ARKA/. Beginning from 2018 January Armenia will start applying the EU’s Registered Exporter System (REX), the first deputy minister of economic development and investments Garegin Melkonyan said today during a discussion on EU’s GSP+ trade regime. The REX is the system of certification of origin of goods that applies in the Generalized System of Preference (GSP) of the European Union since 1 January 2017.

It is based on a principle of self-certification by economic operators who will make out themselves so-called statements on origin. To be entitled to make out a statement on origin, an economic operator will have to be registered in a database by his competent authorities. The economic operator will become a "registered exporter".

Melkonyan said Armenian exporters who register with the REX system will not need certificates of origin of goods when exporting 6000 euros worth goods to the European Union. Melkonyan added that this system is especially important for small exporters enabling them to save considerably both time and money.

Today’s discussion organized jointly with the European Commission, looked deep into the registration process and the opportunities provided by the REX system, as well as focused on the parameters that local companies must comply with in order to enjoy all these privileges. According to Melkonyan, the GSP + systems allows a larger number of goods for export to the EU - around 6,400.

"As a result, the cost of goods in the EU market will declining, increasing their competitiveness," he said.
He said one of the goals of the event is to raise awareness of the Armenian private sector about preferential terms of trade provided to Armenia by the EU. This, in his opinion, will spur Armenian exports to the EU countries.

The deputy minister also noted the main groups of these goods: metallurgy, textiles, food processing, beverages, and fish products. For these goods, as he explained, there is a zero or close to zero customs duty rates.

Armenia has been enjoying the GSP + system since January 1, 2014. The main condition for using the system is the country's membership in 27 international conventions on human rights, work, nature protection and management.

According to the National Statistical Service, in the first 4 months of 2017 Armenia’s trade with the EU grew by 11.6% to $396.4 million ( 23.5% of the total foreign trade). In 2016, it was worth about $1.218.7 billion (24% of the total foreign trade).

http://arka.am/en/news/business/armenia_to_join_es_s_registered_export_system_in_2018/

[Sukhoi22]

Yerevan public transport system to undergo cardinal changes

YEREVAN, June 23. /ARKA/. In early 2018 Yerevan residents using public transport will, in all likelihood, get rid of minibuses, commonly known as ‘marshrutka’, Karen Chilingaryan, the head of Consumer Advisory Center, said at a press conference on Friday.

"Armenia’s public transport system is the worst among all post-Soviet countries. The only country that compares with us is perhaps Tajikistan. However, some progress seems to have been made and there is hope that the authorities will eventually reform the system," he said.

Chilingaryan noted that a task force at the Yerevan City Hall is considering cardinal reforms in this area, which can be implemented as early as 2018. He said the city administration signed an agreement with the British company WYG International Limited for studying the city’s public transport system and proposing ways to improve it.

"The yesterday regular meeting was about how to eventually get rid of ill-fated marshrutkas, which are not used to transport passengers anywhere else, "he said. According to him, the task force is also looking into introducing a modernized payment system –plastic cards- for transport services. "All vehicles will be equipped with GPS navigation systems, and passengers will be able to track the arrival time of the buses," he added.

http://arka.am/en/news/society/yerevan_public_transport_system_to_undergo_cardinal_changes/

[Haykakan]

French Ambassador to Armenia Jean-Francois Charpentier said that French business people prepare to implement investment programs in Armenia’s power sector. Details of the programs will be revealed within the next few months.


The Ambassador made that statement in response to Banks.am’s request.

“We noticed in recent months that French companies show more and more interest towards Armenia. Schneider Electric opened a representative office in Yerevan early this year, and the professional skills center opened with an official ceremony on June 5. On the occasion of President Serzh Sargsyan’s visit to France, Medef International organized a Paris meeting for French companies, interested in Armenian market, on March 8. In late March, Anios opened a pharmaceutical factory in Yerevan,” Jean-Francois Charpentier noted.

He stressed that France is among leading foreign investors in Armenia and French organizations are present in various sectors of Armenian economy, including water supply, banking, food industry, healthcare, and distribution networks.

“Large French enterprises are currently observing their interests in different branches of the Armenian economy, particularly in sectors of energy and transport. The most progressive investment programs are energy-related and will be released in the coming months. As for complex program, the enterprises are analyzing trading prospects and sustainability of long-term investments in Armenia,” French Ambassador said.

According to Jean-Francois Charpentier, pre-initiative works of potential investors are supported by Embassy of France in Armenia, Armenian-French Chamber of Commerce and Industry, as well as French companies operating in Armenia.

“It is important that already Armenia-based French companies consult potential investors on their experience in Armenia. That is why, French companies in Armenia like Carrefour or Veolia should be able to prosper, as it will promote Armenian investment attractiveness,” Jean-Francois Charpentier emphasized.




http://www.banks.am/en/news/newsfeed/13999

[Haykakan]

ARMINFO News Agency, Armenia
June 21, 2017 Wednesday


US Ambassador to Armenia confirms multi-billion investment potential
of Armenia's energy sector

Yerevan June 21

Naira Badalyan. US Ambassador to Armenia Richard Mills confirmed the
investment potential of Armenia's energy sector at $ 8bn. "We are
talking about the potential, possible investments that will be
possible when the electricity market is completely liberalized and it
will be possible to export electricity from Armenia to Georgia, Iran,
to the south," the US diplomat said at the forum on June 21. "The
re-evaluation of competition in Armenia: Modern challenges and the
future." at the same time, as Mills added, the prospect of electricity
export to Turkey will also create real opportunities for attracting
investments to the republic.

As explained by the head of the US diplomatic mission in Armenia, the
Ministry of Energy Infrastructures and Natural Resources made the
calculation of the investment potential in the energy sector of
Armenia in the amount of $ 8 billion. Estimates of the US embassy
confirmed the existence of such a potential.

The diplomat noted the interest of American companies in the energy
industry of Armenia. At the same time, as Richard Mills stressed,
multibillion investments will be possible only if there are
appropriate infrastructures. He informed that a number of productive
meetings were held with the Minister of Energy Infrastructures and
Natural Resources of Armenia Ashot Manukyan this month, during which
the Minister presented 2 investment projects. One of the programs
concerned the production of energy through the processing of solid
waste. American investors consider now these proposals, Mills noted.

A month earlier, in an interview with journalists at a conference on
the prospects for the development of renewable energy sources,
Ambassador Richard Mills said that US investors are more than
interested in the energy sector of Armenia. According to Mills, there
is already an opportunity for investment cooperation in the amount of
about $ 8 billion. As the ambassador admitted, the interest of
American investors is so huge that it exceeded all expectations. At
the same time, the diplomat pointed out that the task of Armenian
entrepreneurs and governments is to demonstrate Armenia's
attractiveness for American investors.

[HyeSocialist]

6.4% year-on-year economic activity growth recorded in Armenia in Jan-May 2017

YEREVAN, June 20. /ARKA/. Armenia’s economic activity indicator rose 6.4% in Jan-May 2017, compared with the same period a year before, the press office of the National Statistical Service reports.

The economic activity growth was ensured by industry, trade and services. The country’s industrial output grew 14.4% to AMD 625 billion, domestic trade turnover 12.8% to AMD 894.4 billion and services totaled AMD 524.6 billion showing an 11-percent year-on-year growth.

Instead, construction faced a 12.1-percent decline (AMD 78.5 billion) and gross agriculture product shrank 3.5% to 176.6 billion.

Armenia recorded a 0.4% year-on-year inflation in Jan-May 2017.

The country’s foreign trade reached $2 286.2 million showing a 23.1% year-on-year growth.

In the 2017 government budget, economic growth is projected at 3.2%. ($1 – AMD 481.08). --0-----

http://arka.am/en/news/economy/6_4_y..._jan_may_2017/

YES! Construction in Armenia was always so speculative. Since agriculture also shrank, it is safe to assume that the industrial output is not merely "canneries" or food processing. Hopefully it is not just one big project but a combined number of things. Such great news!

[HyeSocialist]

YEREVAN, June 22. /ARKA/. After the Iran-Armenia and Armenia-Georgia power transmission lines are put into operation, Armenia will become a regional electricity hub for the three countries, Armenia’s Ministry of Energy Infrastructure and Natural Resources said today in a press release.

It said the power lines are expected to be put into operation at the end of 2019. As part of the construction of the 400-kV Iran-Armenia power line, which has already started, installation of support poles and wire lines as well as construction of a substation will be completed this year and in 2018.

When commissioned the line and the substation will enable to triple electricity swaps between Iran and Armenia, the ministry said.

The construction of the 400 kV electricity transmission lines Armenia-Georgia is to kick off later this year and be completed in 2019. At the moment, a tender is being conducted to select a contractor for the implementation of the project, the results of which will be announced in September.

The energy ministers of Armenia, Russia, Iran and the deputy energy minister of Georgia signed in April, 2016 in Yerevan a "road map" for the construction of about 1,000 MW North-South energy corridor. --0--

http://arka.am/en/news/technology/armenia_to_become_regional_electricity_hub/

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Hopefully, this can also include massive investment in solar and wind power.

[DieHard69]

6.4% year-on-year economic activity growth recorded in Armenia in Jan-May 2017

YEREVAN, June 20. /ARKA/. Armenia’s economic activity indicator rose 6.4% in Jan-May 2017, compared with the same period a year before, the press office of the National Statistical Service reports.

The economic activity growth was ensured by industry, trade and services. The country’s industrial output grew 14.4% to AMD 625 billion, domestic trade turnover 12.8% to AMD 894.4 billion and services totaled AMD 524.6 billion showing an 11-percent year-on-year growth.

Instead, construction faced a 12.1-percent decline (AMD 78.5 billion) and gross agriculture product shrank 3.5% to 176.6 billion.

Armenia recorded a 0.4% year-on-year inflation in Jan-May 2017.

The country’s foreign trade reached $2 286.2 million showing a 23.1% year-on-year growth.

In the 2017 government budget, economic growth is projected at 3.2%. ($1 – AMD 481.08). --0-----

http://arka.am/en/news/economy/6_4_y..._jan_may_2017/

Glorious, this is going to be a very important decade for us, we've started from light agriculture to industry services and trade.