ARMENIA’S BUSINESS ENVIRONMENT NOT GOOD FOR FOREIGN INVESTORS

Investment policies should be very important for Armenia, according to Nikolyay Baghdasaryan and Lernik Hovhannisyan, the director and a lawyer of the Armlegal school of attorneys.

At a news conference on Tuesday, Baghdasaryan said that the Armenia’s investment environment is not attractive for big businessmen.

“I personally have served ten big investment companies, and later they really left Armenia. I lost my job together with lots and lots of Armenian citizens,” he said, adding that his business later moved to Georgia where he continued serving clients.

Baghdasaryan, who protected the interests of US-Armenian investor Edmond Khudoyan, in Armenia, said he was very much surprised when a Georgian official gave him his visiting card, asking him to let him know about possible businesses obstacles.

Asked why they have focused especially on Diaspora-Armenian investors, both lawyers noted that the Diaspora-Armenians, unlike the local businessmen, never give in amid a civil struggle.

It is noteworthy that Khudoyan and his US attorney followed the news conference via Skype. Another Diaspora-Armenian attending the meeting said many of them often have difficulty selling their apartments in Armenian due to spelling differences between the names appearing in passports and notarial certificates.

Khudoyan’s investments in Armenia’s property market were spent for purchasing a land lot which was later used for the construction of a 10-storey building.

Vladislav Mangasaryan, the owner of several construction companies who became Khudoyan’s chief business partner, was later accused by the US Armenian businessman for appropriating $7 million and forcing the company into bankruptcy.

Noting that Mangasaryan is not the kind of person who could have committed and digested the above frauds, the lawyers asked journalist to launch an independent inquest in an attempt to reveal many well-known names.

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