Armenian Minister of Economy Nerses Yeritsyan said that, according to provisions of the RA government on improvement of business and investment environment, the country should be ranked among the top 20 countries by attractiveness for doing business.

To attract investors, it is also necessary to increase the country’s indices of competitiveness, Yeritsyan said during a national conference – Foreign Direct Investments in Armenia.

“Besides, a policy on introduction of business ethics standards should be pursued. Foreign investments can be attracted only by those organizations, which operate by corporate rules acknowledged worldwide,” he said.

The foreign direct investments in Armenia amounted to $732.1mln in 2009 against $1.1bln in 2008. Russia ($384.8mln), France ($197.4mln) and Argentina ($48.2mln) are among the largest foreign investors in the country in 2009.