Mark Davis: If authorities in Armenia take the right steps, investments will flow to your country (video)
Monopolies keep Armenian economy from developing, says Mark Davis, Head of the Yerevan Resident Office of the European Bank for Reconstruction and Development (EBRD).
He says the regulations in the field of taxation also hinder the development of small and medium-sized enterprises, limiting the access of new companies into economy.
Speaking about the fight against monopolies, Mark Davis said, “To be able to succeed you should first clear the field. The political factor is important here; you need to be allowed to clear the field,” he added.
Mark Davis states that the EBRD has adequate opportunities to assist the Government of Armenia in regulating such issues. “We have all necessary tools, we only need time. This is the system of institutional solutions.”
While the EBRD representative hails the competitiveness of Armenia's economy he says the country attracts few investments. “Investments are flowing to your neighbouring country - Georgia. If the Armenian authorities take the right steps, investments will be made in your country,” he says.
Mark Davis adds that Armenia and Georgia stand out in the regions in terms of business attractiveness.
Three-day financial training courses were organized in Armenia for local financiers and representatives of SMEs with the financial support by the European Union and EBRD.
