YEREVAN. – The volume of foreign investments in Armenia in the first half of 2013 comprised $293.1 million, showing a 34.7-percent decrease as compared with the same period last year, National Statistical Service said.

Argentina replaced France as the largest foreign investor in Armenia with investments totaling $76 million. French investments fell about nine times over the year due to reduced investments of Orange Armenia.

Meanwhile, Argentinean investments have increased 10 times thanks to the projects of Eduardo Eurnekian. Most of Eurnekian’s investments focused on the development of air transport, less on agriculture and construction.

In 2013, investment from Cyprus increased approximately 30 times. They were aimed at the exploitation of deposits of metallic ores.

Russia is the leader in direct investments with $32 million this year. Russian investments are more diversified, although a large proportion falls on energy ($ 4.6 million), transport (10 million) and telecommunications (15 million).