YEREVAN. - Foreign investments in Armenia made $422 in first half of 2011, says National Statistical Service.

In relation to the same period of previous year, foreign investments grew by 28.8%, direct investments by 58.6%. Russia has the largest share in the growth of foreign investments. In first half-year of 2011 Russian investments totaled $ 206 million, increased by 77% and make approximately half of all investments.

The second largest investor in the economy of Armenia is France with $ 68 million. The French invest mainly in the sphere of telecommunications. U.S. investments reached $ 35 million, which is the third indicator (increased 2.8 times). U.S. companies, being mostly engaged in information technologies, directed $ 15 million to funding of scientific researches, $ 3 million for software and computer services.