YEREVAN. – Armenia is not ready for major investments today. Former governor of the Central Bank of Armenia, economist Bagrat Asatryan, said this during a press conference today.
"This is not an issue for today," he added. “The last decades of Armenia's development were such that the flow of investments had to be reduced.
The growth of investments in Armenia was conditioned by specific transactions. Institutional solutions are needed here; in general, the environment is not like that. Of course, I understand that the authorities want to see greater investments every year, but much more needs to be done for it, to create that environment."
Asatryan noted that Armenia is not ready for large-scale institutional investments, especially if it is regarding direct foreign investments. "There is no need to wait for it until 2024," he said. “Here the state has to take responsibility, starting from developing specific small projects and presenting them to the international community, to contributing to the implementation of those programs; in that case, one can expect a positive trend.”
"Develop the judicial system, and I promise you that the flow of investments will increase qualitatively," Bagrat Asatryan added. “I also promise that the interest rates will considerably reduce in the banking system. There is also the issue of protection of property rights.”