Foreign Investment in Armenia Hits $600 Million in 2007

YEREVAN (Armenpress)--Foreign investments in Armenia's real economy rose last year to over $600 million, Armenian Trade and Economic Development Minister Nerses Yeritsian said during a press conference Wednesday.

According to Yeritsian, the volume of investments in the first nine months of 2007 rose 58 percent from the year before.

The bulk of last year's foreign investments were in mining, telecommunications, Information Technology and aviation.

The largest foreign investors, he reported, were Russia ($176 million), Lebanon ($134 million), Argentina ($25 million, USA ($21 million) and Germany ($20 million).

Investments in Armenia's IT sector last year amounted to $10 million. The sector reported a 30 percent growth, according to the minister.

According to preliminary figures regarding the country's tourist industry, about 480,000 foreigners visited Armenia last year, spending $410 million in the country, a $110 million increase from 2006.