YEREVAN. - Armenia is ready to pass special laws to provide Austrian companies with tax benefits up to the income tax exemption for several years, Serzh Sargsyan said on Tuesday addressing Armenian-Austrian business forum.

President Sargsyan pointed at various fields, including energy and agriculture, effective for Austrian investments.

In particular, production and export of electricity has great potential, he said. Armenia plans to bring the share of renewable energy to 35% by 2020, which opens up new prospects for Austrian companies.

The Armenian leader also pointed out tourism, where the Armenian and Austrian companies can cooperate in the development of winter tourism.

There are also good prospects for the construction of North-South transport corridor and Armenia-Iran railway.

In response, President Heinz Fischer said that Austrian companies are in particular interested in Armenia’s agriculture, tourism, food processing and renewable energy.

He said a good basis for the bilateral cooperation may be the fact that Austrian Airlines operates several Yerevan-Vienna flights each week. Austrian President also called on the Armenian citizens to use this opportunity as a transit to other European countries, because his country is a peculiar hub in the center of Europe.