Civilnet
According to the National Statistical Service of Armenia, foreign investments to Armenia in 2013 declined by 20.5%, totaling $597.4 million. Of this total, direct foreign investments constituted $271.2 million, a total decrease of 52.2%. In comparison, in 2012, foreign investments to Armenia decreased by 7.9%, with direct foreign investments declining by 10.1%. Moreover, during the financial crisis of 2009, foreign investments to Armenia totaled $935.5 million, direct foreign investments accounting for $732.1 million of the total.
The decline in foreign investments would have been much more severe had it not been for investments originating from offshore funds. For example, foreign investments from the Virgin Islands to Armenia increased by 71.2 times to $30 million. Foreign investments from Cyprus increased by 11.5 times, totaling $76.5 million. Almost all the investments made by the Virgin Islands funded Armenia’s construction sector. Cyprus, on the other hand, invested primarily in Armenia’s ore mining industry.
Interestingly, investments to Armenia from Finland also increased by 3.5 times, totaling $20 million. These investments were directed at funding Armenia’s electrical, gas, steam, and air conditioning sectors.
As one of Armenia's long time and reliable economic partners, Argentinean investments increased by 2.2 times totalling $118 million. Of the total amount of Argentinean investment, $108 million was spent on air transportation and $8.4 million for agriculture. These trends suggest that the majority of these investments were made by Argentinean-Armenian billionaire businessman Eduardo Eurnekian.
Last year, foreign investments from Russia to Armenia decreased by 29.7%, totaling $86 million. Additionally, France, Canada, and Germany all reduced their foreign investments to Armenia by 57% ($99 million), 49.8% ($53.6 million), and 54%($22 million) respectively.
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