YEREVAN. – The people are afraid to conduct their own business in Armenia.

Non-pro-government Prosperous Armenia Party National Assembly (PAP NA) Faction member, economist Mikayel Melkumyan, who is also Deputy Chairman of the NA Standing Committee on Economic Affairs, noted the aforesaid at Tuesday’s parliamentary deliberations. He noted this while commenting on the government bill on making amendments to the Law on Joint-Stock Companies.

“I mean how decisions are made in courts and cabinets. That’s why corporate law does not form at us,” Melkumyan stated. 

In turn, opposition ARF Dashnaktsutyun Party NA Faction member Artsvik Minasyan announced that Armenia does not have an exemplary institution for the property of shares. 

And in Melkumyan’s view, this prevents the entry of portfolio investments into Armenia.

“Single-person interests are dominating [in the country],” he explained.       

The government proposes to permit the issuing of shares to cover the losses due to business activities, or the increasing of their nominal value. These restrictions are lifted to promote portfolio investments.