Statements by authorities against businesses threaten business environment and investment attractiveness of Armenia
Inappropriate statements made by Armenian authorities against large and small businesses will have extremely serious consequences for the business environment and investment attractiveness of the country in the near future, the Chairman of the Board of Governors of the SME Cooperation Association Hakob Avagyan said today in a statement.
YEREVAN /ARKA/ — Inappropriate statements made by Armenian authorities against large and small businesses will have extremely serious consequences for the business environment and investment attractiveness of the country in the near future, the Chairman of the Board of Governors of the SME Cooperation Association Hakob Avagyan said today in a statement.
“The events that have recently taken place in the Republic of Armenia, accompanied by inappropriate and unbridled statements against representatives of large and small businesses, as well as their affiliates, are having a negative impact and may have extremely serious consequences for the business environment, investment attractiveness, economic reputation of the country and international ratings in the near future,” the statement says.
It emphasizes that a striking example of this is the threats made in recent days by high-ranking officials against the Electric Networks of Armenia, which the government is set to nationalize.
“Such an approach can undermine investor confidence and disrupt economic stability. We, representatives of the business community, express the hope that this statement will be a signal for government agencies to continue to demonstrate a more balanced and responsible position, especially on economic issues of public importance,” the statement says.
The owner of Electric Networks of Armenia CJSC Russia-based billionaire Samvel Karapetyan is currently under arrest. As part of the criminal case, he has been charged with “public calls for the seizure of power.” By a court decision, he was arrested for 2 months. Karapetyan himself does not admit his guilt. His lawyers have filed a motion to appeal the businessman’s arrest and are also preparing a complaint to the European Court of Human Rights against Armenia.
The reason for the detention of Samvel Karapetyan was the businessman’s statement in connection with the conflict that arose between Prime Minister Nikol Pashinyan and the head of the Armenian Apostolic Church, Garegin II. In his address to the press, the businessman stated that he had always been on the side of the Armenian Church and the Armenian people, and if politicians do not succeed, then “we are ready to participate in all this in our own way.”
Electrical Networks of Armenia CJSC is part of the Tashir Group of Companies, which is owned Samvel Karapetyan. It manages medium and low voltage distribution networks in Armenia, serving about 1 million subscribers.
Since 2016, Tashir Group has invested about $680 million in the modernization of the facility alone, and another $150-200 million was invested in the creation of new capacities.
