Armenian Prime Minister Tigran Sargsyan said that foreigners control over 50% of the financial sector in Armenia.

“Economic doctrines of Armenia, Georgia and Azerbaijan are alike – they all create conditions for investors’ arrival. We permanently monitor the ratings on economy’s openness, business conduct factors and competitiveness. The government has adopted a program on improvement of economy’s various fields. We have initiated reforms long ago, in contrast to Georgia. They introduced “revolutionary” what we achieved in many years, however, some reforms require long term,” Sargsyan said in an interview with Russian RBC daily.

As for the tax load on business, the Prime Minister said that currently it is below average indices in Armenia.

He said that macroeconomic indices show that the share of taxes in GDP is below 30%. There are countries, where this figure amounts to 40-50%.

Mr. Sargsyan also said that conditions for internal and external investors are equal in the country, while this stance is fixed in the legislation.