Investments worth $850 million will be made in Armenia in 2017, economy minister Suren Karayan told reporters on Thursday, April 13.

“The target of $3.2 billion-worth investments is a several-year program. $850 million will be invested this year, with financial sources and those carrying out the investments having been clarified,” Karayan said.

According to him, investments will be carried out in the energy sector, mining and light industries, as well as pharmaceutical and food processing industries.

“The newly-created Armenia investors’ club and a number of other platforms and private investors will serve as funding sources,” Karayan said.

Prime minister Karen Karapetyan has outlined the main objectives of the year at the first government session of 2017: substitute imported products with local goods, dramatically increase exports and investments.