During the meeting held at the Combine, the President said that the republic has a high mining potential. "The mining enterprises should operate by all means, even if they have to sell their products at the prime cost and even at lower prices. They should realize that they are not only solving social problems but also preparing to regain their profits under favorable conditions on the international market," he said. In this light, Sargsyan recalled that due to the timely decisions taken in 2008-2009 amid similar problems, the country was able to overcome all difficulties. As a result, the years 2011-2012 became the most favorable for the mining industry.
High prices on petroleum in Armenia are the result of criminal monopoly, Head of ANC Faction Levon Zurabyan announced around the world, however in Armenia the prices drop very slowly and continue to remain high. " During last year the prices on petroleum dropped by 11%, while in Russia they dropped by 33%, in Germany and France by 18%, in Italy by 26% and in Turkey by 40%", Zurabyan noted. In this context he added that for example inhabitants of Noyemberyan go to Georgia by a road fired by Azerbaijani forces in order to get cheaper petroleum.
Armenia ranks the 54th (moderately free) in the US- based Heritage Foundation's 2016 Index of Economic Freedom. According to the 2016 Index of Economic Freedom, Armenia has scored 67.0.
Jafar Gohargani, the director of Agricultural Kohgiluyeh and Boyer-Ahmad Province, says the province grows 13 million beautiful flowers in 25 greenhouse facilities every year.
Qatar Airways will launch flights to Yerevan from Doha on May 15, CEO of Qatar Airways Akbar Al Baker said in Los Angeles. In his words, Airbus A320 will fly to Yerevan 4 times a week on Mondays, Wednesdays, Fridays, and Sundays. The airbus has 132 economy class seats and 12 business-class ones.
'Come, Make in India'! PM Modi's aggressive push to revive an ailing manufacturing sector, has found resonance with India Inc. Single-window clearances, minimal procedures & cutting out of any red-tapism - PM Modi sees Make in India as a vital impetus for employment & growth.
Having no opportunity to hinder the export of Iranian energy resources to Europe, Russia will have to take part in that project, Vardan Voskanyan, expert in Iranian studies, said at a press conference in Yerevan on January 19.
In such situation, Russia must stop lending to its EEU partners at least for a while, Deputy Finance Minister of Russia Sergey Storchak told a news conference.
One Village One Product (OVOP) project funded by JICA will be continued in Armenia, Akihiro Tsukamoto, Coordinator of JICA Armenian Connection Office, told ArmInfo on sidelines of the final seminar on Armenian One Village One Product (OVOP) method and experiences and closing event of the SME DNC - JICA "Development of local production and promotion of local brands in Armenia" joint project in Yerevan on January 18.
The project on Amulsar mine development will be launched in spring 2016, when the weather conditions change for the better, Vahagn Lalayan, Head of the Investment Policy Management Department of the Armenian Ministry of Economy, said at a press conference on December 24.
Armenian Parliament passed amendments to Law on VAT in first reading on December 15. Deputy Minister of Economy Garegin Melkonyan says the Bill looks to create Duty Free zones at land frontiers in Armenia, particularly in Meghri (border with Iran) and Bagratashen (border with Georgia). No VAT will be charged in the given zones and it will help promote the trade and economic relations with the neighbor states. He said there is one such zone in Armenia but it is not exempted of VAT unlike the Duty Free zones at airports.
Ahead of the New Year and Christmas holidays, the South Caucasus Railway CJSC organizes New Year tours to Georgia. In particular, the company offers three- and five-day tours to Tbilisi, Bakuriani and Batumi for tourist groups of 15 people.
At the initiative of the Armenian Ministry of Transport and Communication, First Deputy Minister of Transport and Communication of Armenia Arthur Arakelyan and CEO of South Caucasus Railway CJSC Sergey Valko visited the Armash terminal in Yeraskh on December 3. Gurgen Nikoghosyan, the director of Manana Grain and Manana Stone, accompanied the guests.
Lydian International Ltd (UK) has signed a $325 mln agreement with the financial and investment funds to finance the development of the Amulsar gold mine in Armenia, Armenian Minister of Economy Karen Chshmarityan said before the Government's meeting on Thursday.
Lydian International Limited, the 100% shareholder of Geoteam CJSC has announced that it has arranged a $325 million construction financing package to be provided by Orion Mine Finance (“Orion”) and Resource Capital Funds (“RCF”). Additionally on November 20 Lydian had announced value engineering results for Amulsar project with a pre-production capital costs decrease by 13% to $370 million and all-in sustaining costs decreaseby 17% to $585/oz of gold.
Corruption is one of the reasons of the economic setback in Armenia, Vice Speaker of Armenian Parliament Eduard Sharmazanov said at today's press conference in Yerevan, when replying to ArmInfo's question.
In 2015 Geoteam CJSC under the corporate social responsibility program (CSR) has invested 240 thousand USD in development of social educational structures, improvement of urban infrastructure and support of small businesses in the communities of its operational activities.
It is not correct to directly compare the railways of Armenia and Russia, Vardan Aloyan, head of the Public Relations Department of the South Caucasus Railway (SCR) CJSC, says in an interview with ArmInfo when commenting on the remarks that the transportation tariffs in Armenia are much higher than in Russia.
Qatar Airways will start operating Yerevan-Doha regular flights in 2016. "Armenia" International Airports" CJSC has successfully completed negotiations with Qatar Airways. Recently the negotiations were most active after "Etihad" Airlines announced its intention to suspend flights to Armenia.
Air Armenia intends to appeal against the court decision on recognizing the company as a bankrupt, the press secretary of the airline company Sirakan Hambardzumyan told ArmInfo.
Eurasian Economic Commission Board will study possible restrictions on the tax-free international online trade, according to the Russian newspapers Vedomosti and Kommersant.
The authors of Armenia's basic economic document for 2016 have displayed restraint and realism when drafting the budget of 2016, Doctor of Economics, Professor Vardan Bostanjyan said at a press conference on November 23.
Reducing the upper ceiling for the tax-free import into the Eurasian Economic Union (EEU) countries from foreign online shops from the current 1,000 EUR to 150 EUR is quite logical and is aimed at stimulation of turnover growth among the EEU member countries, economist Vardan Bostanjyan expressed such opinion in his talk with journalists.
"Let's Live till Monday" - this is the key idea of the budget 2016, Leader of the New Times Party Aram Karapetyan said at a press conference on November 23. He added that over the past few years everything has been built on this principle in Armenia.
China and Armenia maintain a high level of political confidence and the countries are ready to discuss the prospects of promotion of the cooperation in the context of the Silk Road project, Mr. Luo Shixiong, Political Advisor at the Chinese Embassy in Armenia, told reporters at the opening of the forum "Silk Road of XXI Century: Prospects of Cooperation".
The Institute of Botany recently opened a new glasshouse and outdoor rockery at Sevan Botanical Garden. The press office of Geoteam CJSC has told ArmInfo that this is the first visible step in a comprehensive program to preserve Amulsar population of Potentilla porphyrantha. The work is being undertaken by Geoteam CJSC in cooperation with the Institute of Botany of the National Academy of Sciences of Armenia, Treweek Environmental Consultants (UK) and Cambridge University Botanical Garden (UK).
Decline in losses in energy system cannot be considered as basis for reducing the tariffs on electricity, the Minister of Energy and Natural Resources Yervand Zakharyan said at the parliament on November 18.
Given the inflation, it will be impossible to ensure the targeted 2.2% economic growth in 2016, lawmaker from the opposition Armenian National Congress Faction, ex-prime minister of Armenia Hrant Bagratyan said.
The goal of the discussions is to create a favorable investment environment in Armenia, U.S. Ambassador to Armenia Richard Mills told reporters during the opening of the first meeting of the U.S.-Armenia Council on Trade and Investment on November 17.
Fighting corruption and ensuring equal competition depend on systemic changes, Minister of Economy Karen Chshmarityan told reports on sidelines of the first meeting of the U.S.-Armenia Council on Trade and Investment, in Yerevan, on Nov 17, when commenting on U.S. Ambassador Richard Mill's statement in an interview with RFE/RL Armenian Service on overall corruption in Armenia.
It will be possible to speak of real investments and dates of implementation of the Iran-Armenia railway project after the feasibility study of the project is prepared, Chinese Ambassador to Armenia Tian Erlong told reporters on November 16, on the sidelines of the workshop on Chinese-Armenian cooperation in the light of creation of the Silk Road Economic Belt. He stressed that at the current stage two Chinese companies are conducting the feasibility study of the project on a non-repayable basis to see the expediency of the Iran-Armenia railway project.