Migration and remittances have an economic and social impact on Armenia, since only 1/3 of Armenians live in the homeland, RA Economy Minister said.

“According to experts, private remittances make 6-12% of Armenian GDP,” Nerses Yeritsyan said during International Workshops on the Economic and Social Impact of Migration, Remittances and Diaspora.

“The Armenian government is developing the ideology of All-Armenian World, as Diaspora, which makes outstanding contribution to the development of Armenian economy should not be eyed as an assisting force. It’s potential should be used for investments in large-scale projects. It’s essential to pass from simple remittances to beneficial ones, such as investments in small hydropower plants, shares and IT,” he said.

Minister Yeritsyan also noted that efficient control of migration flows can ensure circulation of human and financial capital to prevent brain drain.

For his part, World Bank Armenia Country Manager Aristomene Varoudakis said that transfers are important for all CIS countries.

“As a result of the global economic slump and reduction of remittances mostly from Russia, Armenia’s GDP decreased by 15%,” he said adding that Diaspora can contribute to development of Armenian economy and trade, given the recovery observed.