Yerevan /Mediamax/. Arab states express a wish to move their financial center from Lebanon to Armenia##, proposing to carry out the corresponding legislative changes in the republic.

Mediamax reports that the Prime Minister of Armenia Tigran Sarkisian said this today, speaking in Dilijan at the first financial-banking conference, organized by the Union of Banks of Armenia (UBA).

“Armenia can become a bridge between Europe and Moslem states”, Tigran Sarkisian stated, adding that to turn into a financial center for the Arab world, Armenia should gain the outline of an off-shore zone, which will present profitable financial services according to world standards.

The Prime Minister also noted that Armenia can organize trading of securities of CIS states.

“Along with the development of securities markets of CIS states, there is yet the problem of securities’ entry to foreign markets unsolved, and Armenia can propose CIS auspicious conditions to place their securities. OMX Group operator, which has entered the Armenian market, may realize crucial programs”, Tigran Sarkisian stated.

Head of the government also noted the importance of establishing in Armenia investment funds and systems of assets management. According to Tigran Sarkisian, the Armenian population has about $2bln cash on hand and the presence of investment funds will allow placing those assets. He added that the transition to accumulative pension system will contribute to the formation of share investment funds and a system of assets management.

“The insurance market and the market of securities of Armenia fall behind in development from the banking system, and active reforms are necessary in these spheres. The main resource of the financial sphere is intellect, consequently, special attention should be paid to financial education”, Tigran Sarkisian stated.