Newsfeed

Giorgi Gvimradze: Russia's fate hangs in the balance in Ukraine

Replenishment of authorized capital to allow Anelik Bank to multiply its achievements and launch more ambitious projects

Ashot Manucharyan: Neither the West nor the OSCE Minsk Group can settle the Nagorno-Karabakh conflict

MP from Prosperous Armenia Party slums his colleagues from Republican Party for dissimulation and inconstancy

Parliament member: Prosperous Armenia Party goes to the regular election, but is ready to any force-major situations

Seven media organizations condemn attack on female reporter by Armenian Parliament's Security Head

Seyran Ohanyan: All persons responsible for omissions in military units will be severely punished

Latest models of Lenovo mobile phones are now available at VivaCell-MTS service centers

Seyran Ohanyan: Hakob Injighulyan, an Armenian captive who was handed over by Azerbaijan to a third country, is willing to return to Armenia

Levon Zurabyan: For the first time Prosperous Armenia Party says retention of power by incumbent authorities inadmissible

Gipuzkoa Province (Spain) President recognizes Nagorno-Karabakh Republic

HIGH FEST International Performing Arts Festival to kick off on 1 October

NSW Legislative Council adopts motion, adding its voice to international condemnation of Azerbaijan on its aggression directed towards Republic of Nagorno-Karabakh and Republic of Armenia

Armenian DM: Armenia and Nagorno-Karabakh will not accept one-sided concessions in Nagorno-Karabakh peace process

Seyran Ohanyan visits army unit where a soldier committed suicide lately

Yerevan Brewery fined $1.5mln

VivaCell-MTS and Synopsys Armenia continue successful cooperation with the European Regional Academy to provide Armenia with industry ready graduates

Because of the Western sanctions against Russia, Air Armenia could not technically pay accounts for the flight navigation services

100 participants in Beeline-Nurcard campaign receive awards

ICRC Yerevan Office confirms information on transfer of Azeri citizen to Azerbaijan

VTB Bank (Armenia) finances construction of modern multi-function residential estate in Yerevan

Young man that illegally crossed the Armenian-Turkish border has been identified

The New York Times: Moscow seems to have been aggravating a longstanding conflict between Armenia and Azerbaijan while playing peacemaking overlord to both

Vahagn Hovnanyan: Oligarchs have full control of Armenian economy

  • Tuesday, July 29, 13:44

 The Armenian economy is fully controlled by oligarchs and will die eventually if nothing is changed, Armenian businessman Vahagn Hovnanyan told azatutyun.am. 

He said that all the money in Armenia is in the hands of oligarchs. "Our people have lost all of their hopes. It's time for them to wake up and to try to revive them," Hovnanyan said.

He said that the market of drugs is fully monopolized. "We must get rid of monopolies. The driver of economy is competition. But here we have no competition. We have no production, nor any product that could be exported and could give us profit. We keep buying imported products and letting our dram out of the country.

And all this is done by a small group of people. As a result, we have a very bad reputation in the Diaspora. It is so bad that nobody wants to come and invest money here any more.  All this is pushing people to emigrate. They see no progress here. They want to be proud of their children, they want to see them well-educated and healthy. So, I don't blame those who are trying to find jobs abroad," Hovhanyan said.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields
Classifieds

Help in searching for missing rare breed dog "malamute".

A. Shiboyan asked the Arminfo Editorial to help her in searching for her missing rare breed dog "malamute".