Epress.am News from Armenia
Unlike Russia, which has long held restrictions on withdrawing capital (from the country), Armenia, since 1994, has not had such restrictions, said RA Prime Minister Tigran Sargsyan in an interview with RBC Daily.
“There was no sense in making use of international laws; business was developed in Armenia. We considered ourselves, in some sense, as offshore, as a regional financial sector. More than 50% of our financial sector is controlled by foreigners,” he said.
Armenia, according to the PM, follows how it stacks up against its neighbors Georgia and Azerbaijan. “The economic doctrines of our countries are similar; all create conditions for investment for foreign investors. We are constantly monitoring ratings of economic openness, ease of doing business and competitiveness.”
According to Sargsyan, Armenia began reforms earlier than Georgia. Simply stated, he said, “that which we have been doing for many years, they introduced as ‘revolutionary’.”
“In many sectors we are ahead, however, some reforms take longer than a year. In some ways, they are ahead of us,” concluded the Armenian prime minister.