Economic News from Armenia
ARMENIA - THE BEST COUNTRY FOR BUSINESS IN CIS
AZG Armenian Daily
01/07/2008
Armenia is the best country for business in CIS, according to Forbes
data, "Azatutyun" radio-station reported.
Armenia ranks 63 among 121 countries in the Forbes ranking of Best
Countries for Business, leaving behind all other CIS countries. The
ranking is based on the reports of the Transparency International,
the Freedom House and other international organizations. GDP growth,
inflation and unemployment rates, the state of tax and customs
systems, and publications on human freedoms. "Over the past years
the Armenian authorities have taken certain steps to improve the tax
and customs systems. However, although high paces of economic growth
were registered, the unemployment rate in the country remains high,
the fight against corruption is not enough and human freedoms are
restricted," the Forbes states. Georgia is the next CIS country that
is favorable for business. It ranks 68th, the main obstacle here is
unemployment. Azerbaijan is 82nd and Russia is 86th.
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AZG Armenian Daily
01/07/2008
Armenia is the best country for business in CIS, according to Forbes
data, "Azatutyun" radio-station reported.
Armenia ranks 63 among 121 countries in the Forbes ranking of Best
Countries for Business, leaving behind all other CIS countries. The
ranking is based on the reports of the Transparency International,
the Freedom House and other international organizations. GDP growth,
inflation and unemployment rates, the state of tax and customs
systems, and publications on human freedoms. "Over the past years
the Armenian authorities have taken certain steps to improve the tax
and customs systems. However, although high paces of economic growth
were registered, the unemployment rate in the country remains high,
the fight against corruption is not enough and human freedoms are
restricted," the Forbes states. Georgia is the next CIS country that
is favorable for business. It ranks 68th, the main obstacle here is
unemployment. Azerbaijan is 82nd and Russia is 86th.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FACILITATING TRANSIT OF LANDLOCKED COUNTRIES
States News Service
June 27, 2008 Friday
The following information was released by the United Nations Conference
on Trade and Development:
A "landlocked country" is defined in the United Nations Convention
on the Law of the Sea as a State that has no sea coast. In practical
terms, landlocked countries are located in the interior of continents,
hundreds or even thousands of kilometres from maritime ports. According
to United Nations definitions, there are 31 landlocked developing
countries in the world:
Africa: Botswana, Burkina Faso, Burundi, Central African Republic,
Chad, Ethiopia, Lesotho, Malawi, Mali, Niger, Rwanda, Swaziland,
Uganda, Zambia and Zimbabwe;
Asia: Afghanistan, Bhutan, Kazakhstan, Kyrgyzstan, Lao People's
Democratic Republic, Mongolia, Nepal, Tajikistan, Turkmenistan and
Uzbekistan;
Europe: Armenia, Moldova, Azerbaijan and the former Yugoslav Republic
of Macedonia;
Latin America: Bolivia and Paraguay.
There is no official United Nations category of either "transit
countries" or "transit developing countries". The commonly
accepted term was generated by the United Nations Office of the High
Representative for the Least Developed Countries, Landlocked Developing
Countries and Small Island Developing Status in 2004, under the heading
"transit countries". It excludes all developed transit countries
as well as such developing countries as Mongolia, Afghanistan and
several Central Asian countries that are both landlocked countries
and important transit links.
Considering the general transport and transit challenges in many
developing countries, cooperation between the landlocked developing
countries and their transit neighboring countries in the field of
transit trade raises complex economic, trade and legal issues that
require concerted interactions to find mutually acceptable solutions,
often supported by international cooperation agencies.
On the one hand - despite some positive developments in transit
transport systems - high transit costs and non-tariff transit barriers
continue to impose serious constraints for landlocked countries
transporting goods to the nearest viable sea ports, thus negatively
impacting the overall socio-economic development of landlocked
developing countries. As a result, these countries have often not been
able to take full benefit of the new trade and investment opportunities
offered by the process of liberalization and globalization.
On the other hand, transit countries are often themselves developing
countries, or even least developed countries, facing serious
economic problems, including the lack of adequate transit transport
infrastructure. Therefore, transit countries need to understand the
benefits of transit through their countries and often need incentives
to facilitate transit transport.
In this context, UNCTAD has, in the period 2005-2007, led a United
Nations Development Account Project aiming at facilitating transit
transport cooperation along three regional transit corridors
between the following countries: Zambia-Namibia, Laos-Thailand
and Paraguay-Uruguay. By bringing together clusters of users,
government agencies and service providers, it was able to develop
practical solutions. Developing trust and a sense of ownership among
the different actors was important for reducing bottlenecks in the
physical and procedural chains.
States News Service
June 27, 2008 Friday
The following information was released by the United Nations Conference
on Trade and Development:
A "landlocked country" is defined in the United Nations Convention
on the Law of the Sea as a State that has no sea coast. In practical
terms, landlocked countries are located in the interior of continents,
hundreds or even thousands of kilometres from maritime ports. According
to United Nations definitions, there are 31 landlocked developing
countries in the world:
Africa: Botswana, Burkina Faso, Burundi, Central African Republic,
Chad, Ethiopia, Lesotho, Malawi, Mali, Niger, Rwanda, Swaziland,
Uganda, Zambia and Zimbabwe;
Asia: Afghanistan, Bhutan, Kazakhstan, Kyrgyzstan, Lao People's
Democratic Republic, Mongolia, Nepal, Tajikistan, Turkmenistan and
Uzbekistan;
Europe: Armenia, Moldova, Azerbaijan and the former Yugoslav Republic
of Macedonia;
Latin America: Bolivia and Paraguay.
There is no official United Nations category of either "transit
countries" or "transit developing countries". The commonly
accepted term was generated by the United Nations Office of the High
Representative for the Least Developed Countries, Landlocked Developing
Countries and Small Island Developing Status in 2004, under the heading
"transit countries". It excludes all developed transit countries
as well as such developing countries as Mongolia, Afghanistan and
several Central Asian countries that are both landlocked countries
and important transit links.
Considering the general transport and transit challenges in many
developing countries, cooperation between the landlocked developing
countries and their transit neighboring countries in the field of
transit trade raises complex economic, trade and legal issues that
require concerted interactions to find mutually acceptable solutions,
often supported by international cooperation agencies.
On the one hand - despite some positive developments in transit
transport systems - high transit costs and non-tariff transit barriers
continue to impose serious constraints for landlocked countries
transporting goods to the nearest viable sea ports, thus negatively
impacting the overall socio-economic development of landlocked
developing countries. As a result, these countries have often not been
able to take full benefit of the new trade and investment opportunities
offered by the process of liberalization and globalization.
On the other hand, transit countries are often themselves developing
countries, or even least developed countries, facing serious
economic problems, including the lack of adequate transit transport
infrastructure. Therefore, transit countries need to understand the
benefits of transit through their countries and often need incentives
to facilitate transit transport.
In this context, UNCTAD has, in the period 2005-2007, led a United
Nations Development Account Project aiming at facilitating transit
transport cooperation along three regional transit corridors
between the following countries: Zambia-Namibia, Laos-Thailand
and Paraguay-Uruguay. By bringing together clusters of users,
government agencies and service providers, it was able to develop
practical solutions. Developing trust and a sense of ownership among
the different actors was important for reducing bottlenecks in the
physical and procedural chains.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
GLOBAL GOLD TO INVEST $32 MLN IN GOLD-POLYMETALLIC DEPOSIT
IN ARMENIA
Interfax News Agency
June 26, 2008
Russia
U.S. company Global Gold Corporation (GGC) is to invest $32 million
in the development of the Mardzhan gold- polymetallic ore deposit in
the Sisian district of Armenia's Syunik region, Ashot Pogosian, the
regional director of the company's representative office in Armenia,
told Interfax.
The development of the field will be carried out over two to three
years and its cost could grow in the future, he said.
Pogosian said $20 million-$22 million would be invested in the
construction of an enrichment plant that will process ore using the
gravitation method. The plant should have capacity to process at least
1 million tonnes of ore per year, although this production level will
be reached gradually, he said. GGC will spend the remaining funds on
building infrastructure and research.
An open pit will be set up at the northern part of the deposit,
although ore will be extracted using underground methods at some
parts of the site.
GGC specialists began carrying out research at the deposit last
year, he said. The company also received a license to research areas
surrounding the deposit.
Preliminary estimates show the deposit has ore reserves of about 15
million tonnes, including 36 tonnes of gold, 170,000 tonnes of lead,
180,000 tonnes of zinc and 1,400 tonnes of silver.
Global Gold Corporation owns the rights to develop deposits in Armenia
and Chile. In Armenia, the company is carrying out exploration work
at the Ankavan copper-molybdenum deposit in the Kotayk region and
the Mardzhan deposit. GGC has also been developing the Tukhmanuk gold
deposit in northern Armenia since the end of 2007.
Interfax News Agency
June 26, 2008
Russia
U.S. company Global Gold Corporation (GGC) is to invest $32 million
in the development of the Mardzhan gold- polymetallic ore deposit in
the Sisian district of Armenia's Syunik region, Ashot Pogosian, the
regional director of the company's representative office in Armenia,
told Interfax.
The development of the field will be carried out over two to three
years and its cost could grow in the future, he said.
Pogosian said $20 million-$22 million would be invested in the
construction of an enrichment plant that will process ore using the
gravitation method. The plant should have capacity to process at least
1 million tonnes of ore per year, although this production level will
be reached gradually, he said. GGC will spend the remaining funds on
building infrastructure and research.
An open pit will be set up at the northern part of the deposit,
although ore will be extracted using underground methods at some
parts of the site.
GGC specialists began carrying out research at the deposit last
year, he said. The company also received a license to research areas
surrounding the deposit.
Preliminary estimates show the deposit has ore reserves of about 15
million tonnes, including 36 tonnes of gold, 170,000 tonnes of lead,
180,000 tonnes of zinc and 1,400 tonnes of silver.
Global Gold Corporation owns the rights to develop deposits in Armenia
and Chile. In Armenia, the company is carrying out exploration work
at the Ankavan copper-molybdenum deposit in the Kotayk region and
the Mardzhan deposit. GGC has also been developing the Tukhmanuk gold
deposit in northern Armenia since the end of 2007.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
EXCHANGE RATE OF ARMENIAN DRAM RISES BY 0.3% AGAINST US
DOLLAR IN JUNE 2008 AS COMPARED WITH DECEMBER 2007
NOYAN TAPAN
June 29
The rise in consumer prices in Armenia and in the settlement exchange
rate of the Armenian dram against the US dollar made 6.8% and 0.3%
respectively in June 2008 on December 2007. In the same period of last
year, there was a 3.9% growth in consumer prices in parallel with 5.4%
fall in the exchanage rate of the dram.
According to the RA National Statistical Service, a 0.5% fall in
consumer prices was accompanied by a 0.7% decline in the exchange
rate of the Armenian dram against the US dollar (the dram appreciated)
in June on May 2008.
The average settlement exchange rate of the dram against the dollar
made 305.13 drams in June 2008, which is lower by 11.5% than the
index of June 2007 (344.8 drams).
NOYAN TAPAN
June 29
The rise in consumer prices in Armenia and in the settlement exchange
rate of the Armenian dram against the US dollar made 6.8% and 0.3%
respectively in June 2008 on December 2007. In the same period of last
year, there was a 3.9% growth in consumer prices in parallel with 5.4%
fall in the exchanage rate of the dram.
According to the RA National Statistical Service, a 0.5% fall in
consumer prices was accompanied by a 0.7% decline in the exchange
rate of the Armenian dram against the US dollar (the dram appreciated)
in June on May 2008.
The average settlement exchange rate of the dram against the dollar
made 305.13 drams in June 2008, which is lower by 11.5% than the
index of June 2007 (344.8 drams).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
12-MONTH INFLATION MAKES 9.6% IN ARMENIA
NOYAN TAPAN
June 29
The consumer price index made 109.6% in Armenia in June 2008 on May
2007, including the index of food commodity prices (including alcoholic
drinks and cigarettes) - 110.1%, of nonfood commodity prices - 106%,
of service tariffs - 110.5%. The same indices in January-June 2008
on January-June 2007 made 109%, 111.1%, 104.8% and 107.1% respectively.
According to the RA National Statistical Service, the consumer price
index made 106.8% in June 2008 on December 2007, including the index
of food commodity prices (including alcoholic drinks and cigarettes)
- 106.7%, of nonfood commodity prices - 104.2%, of service tariffs
- 108.5%. The average monthly growth of consumer prices made 1.1%
in January-June 2008, exceeding by 0.5% the respective index of the
same period of 2007.
A 0.5% fall in prices was registered in the country's consumer market
in June on May 2008, including a 1.3% fall in food commodity prices
(including alcoholic drinks and cigarettes), a 1.3% growth in nonfood
commodity prices, and a 0.1% growth in service tariffs.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
GASOLINE PRICE GROWS BY 6.2%, DIESEL FUEL PRUCE BY
NOYAN TAPAN
June 29
The consumer price index made 109.6% in Armenia in June 2008 on May
2007, including the index of food commodity prices (including alcoholic
drinks and cigarettes) - 110.1%, of nonfood commodity prices - 106%,
of service tariffs - 110.5%. The same indices in January-June 2008
on January-June 2007 made 109%, 111.1%, 104.8% and 107.1% respectively.
According to the RA National Statistical Service, the consumer price
index made 106.8% in June 2008 on December 2007, including the index
of food commodity prices (including alcoholic drinks and cigarettes)
- 106.7%, of nonfood commodity prices - 104.2%, of service tariffs
- 108.5%. The average monthly growth of consumer prices made 1.1%
in January-June 2008, exceeding by 0.5% the respective index of the
same period of 2007.
A 0.5% fall in prices was registered in the country's consumer market
in June on May 2008, including a 1.3% fall in food commodity prices
(including alcoholic drinks and cigarettes), a 1.3% growth in nonfood
commodity prices, and a 0.1% growth in service tariffs.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
GASOLINE PRICE GROWS BY 6.2%, DIESEL FUEL PRUCE BY
12.3% IN ARMENIA IN JUNE 2008
NOYAN TAPAN
June 29
The price of gasoline grew by 6.2%, that of diesel fuel by 12.3%
in Armenia in June on May 2008.
According to the RA National Statistical Service, the growth in
gasoline and diesel fuel prices made 16% and 30% respectively in June
2008 on December 2007. The growth made 16.7% and 48.7% respectively
in June 2008 on June 2007.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
NOYAN TAPAN
June 29
The price of gasoline grew by 6.2%, that of diesel fuel by 12.3%
in Armenia in June on May 2008.
According to the RA National Statistical Service, the growth in
gasoline and diesel fuel prices made 16% and 30% respectively in June
2008 on December 2007. The growth made 16.7% and 48.7% respectively
in June 2008 on June 2007.
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