215 companies with Lebanese capital and 8th place in terms of gross investment flows: Trajectory of Armenian-Lebanese economic ties
YEREVAN, FEBRUARY 20, ARMENPRESS. As of October 2017, 215 companies and private entrepreneurs with participation of Lebanese capital operate in Armenia, reports Armenpress. Over the past 20 years the gross investment flows made from Lebanon in the real sector of Armenia’s economy comprise 527.7 million USD, including the gross direct flows – 212.9 million USD.
Armenia-Lebanon trade turnover
According to the data of Armenia’s customs service, goods worth 61.7 thousand USD were exported from Armenia to Lebanon in the first half of 2017. In the same period the import comprised 314.1 thousand USD.
According to the data provided by the Armenian ministry of economic development and investments, the overall investment flows from Lebanon in the real sector of Armenia’s economy comprised 34.3 million USD in January-September 2017, from which the direct investments comprised 15.6 million USD.
From 1998 to late September of 2017 the gross investment flows of Lebanon in the real sector of Armenia’s economy amounted to 527.7 million USD, including the gross direct flows – 212.9 million USD. Lebanon is ranked 8th in terms of gross foreign investment flows in the real sector of Armenia, its share of which comprises 3.63%.
The Armenian and Lebanese governments signed the international agreement on promotion and mutual protection of investments on May 1, 1995 which came into force on October 1, 1998.
Companies with Lebanese capital in Armenia
According to the data of the State Registry Agency of Legal Entities of the Armenian justice ministry, 215 companies and private entrepreneurs with Lebanese capital are registered in Armenia as of October 3, 2017.
Large companies with Lebanese capital operate in Armenia in the fields of law, business consulting and services, jewelry, agriculture, finances and etc.
Regular flights en route Yerevan-Beirut-Yerevan
The General Department of Civil Aviation told Armenpress that Middle East Airlines and Armenia Airlines operate Yerevan-Beirut regular flights. Armenia Airlines informed that the Yerevan-Beirut-Yerevan flights will resume on March 26 and they will operate up to four times a week.
The two countries have firm legal base by 24 agreements, 10 protocols and MoUs signed.
The diplomatic relations between Armenia and Lebanon were established in 1992. The Armenian Embassy operates in Lebanon since June 1994. The Lebanese Embassy was established in Armenia in September 1997.
President of Lebanon Michel Aoun will visit Armenia on February 21. Aoun’s delegation will include Interior Minister Nouhad al-Mashnouq, Foreign Minister Jebran Bassil, Industry Minister Hussein Hajj Hassan, Tourism Minister Avedis Kedanian, State Minister for Combating Corruption Nicolas Tueini and MP Hagop Pakradouni.
President Aoun will have meetings in Yerevan with President Serzh Sargsyan, Parliament Speaker Ara Babloyan, Prime Minister Karen Karapetyan, and the Lebanese community of Armenia.
Since the establishment of diplomatic relations there have been nearly four dozen high-level mutual visits. Last time the Lebanese President arrived in Armenia on an official visit in December 2011.