US Has Invested More Than $2 Billion Into Armenia’s Economy Since 1992
Yerevan (Arka.am) — The United States has provided more than $2 billion to Armenia since 1992, Bridget Brink, the U.S. Deputy Assistant Secretary in the Bureau of European and Eurasian Affairs, said Thursday in Yerevan at an annual session of the U.S.-Armenia Intergovernmental Commission for Economic Cooperation.
She said that economic relations with Armenia are very important to the United States and that her country is proud that it makes efforts to help Armenia.
The United States has invested more than $2 billion into Armenia’s economy since 1992, she said, expressing confidence that this support might enhance Armenia’s welfare.
Brink stressed that the emphasis in relations between the two countries has already shifted from economic assistance to direct investments.
In this context, she welcomed the Vorotan Cascade Hydro Power Plant sale deal, which has become the biggest investments project of the United States in Armenia.
Vorotan Cascade Hydro Power Plant CJSC was sold to the United States’ Contour Global Hydro Cascade for $180 million.
The cost price of one KWt hour of the electric power generated by this plant is lowest in Armenia.
Brink expressed hope that her country will make similar large investments also in the future and added that her country’s government along with Armenian authorities will make every effort to promote American investments in Armenia.
She stressed that as a rule investments are made in the predictable and transparent businesses. It means Armenia should root out corruption and remove other obstacles, she said.
The U.S. official also reminded to the session participants that the United States simplified visa regime for Armenian citizens in January 2015, and now they can get 10-year entry visas.
Vache Gabrielyan, the Armenian vice-premier and the international economic integration and reforms minister, who spoke at the session as well, said that the activity of the U.S.-Armenia Intergovernmental Commission is one of mechanisms designed for expansion of trade and economic relations between the two countries.