The UK intends to substantially intensify its trade and economic relations with Armenia

• Monday, March 11, 22:08

The United Kingdom is going to substantially intensify its trade and economic relations with Armenia and to stimulate its investments in the country, Under Secretary of the British Foreign and Commonwealth Office Simon Fraser said when answering ArmInfo's question during a briefing in Yerevan on Monday.

He said that he had met the President and the Prime Minister of Armenia and they had told him that there were good cooperation prospects in mining, finance, IT, agriculture and some other fields.

Fraser said that the British authorities were trying to help the companies wishing to invest money and to carry out trade activities in Armenia and gave several successful examples: HSBC Bank Armenia, PharmaTech and Britannia Chemicals.

Fraser said that the UK was interested in increasing its investments in Armenia, noting that further investment activities depended on how stable, open and reliable Armenia's investment climate would be.

Among the potential big British projects in Armenia, according to Fraser, is Lydian International's investment in the country's mining industry.

Fraser highly appreciates Lydian's commitment to invest such big money and hopes that the project will be a success. He also hopes that it will be continued as Lydian is going to be very careful in environmental issues.

The UK Ambassador Extraordinary and Plenipotentiary to Armenia Jonathan Aves said that Lydian's investments in the republic will help change the international image of Armenia and the country will be considered to be favorable for investments. He added that this company is ready to introduce the highest international criteria for environmental protection and financial transparency. He also expressed confidence that if the project succeeds, it will give a green light to other British companies as well.     

Earlier Geoteam CJSC owned by Lydian International said that it was going to attract over $400 mln to the Amulsar gold deposit, a new gold discovery located along a high ridge top between the Vayots Dzor and Syunik provinces. Amulsar deposit is the only gold deposit discovered in Armenia after the collapse of the Soviet Union. Geoteam CJSC has been exploring the Amulsar deposit since 2006. The sole shareholder of Geoteam CJSC is Lydian International. The EBRD became a shareholder of Lydian International in 2009 and increased its stake in the capital to 6.80% on 21 March 2012. The International Finance Corporation, a member of the World Bank Group, owns 10.23% of the shares. 

According to the National Statistical Service of Armenia, over Jan-Sept 2012 British investments in Armenia amounted to $8.7 mln and grew by 26% as compared to the same period of 2011.