Yerevan /Mediamax/. “Capital Markets in Armenia” international conference, organized by “Grant Thornton Amyot” Company, is in process in Yerevan today.

Mediamax reports that, speaking at the launch of the conference, Minister of Economy of Armenia Nerses Yeritsyan stressed the importance of realizing such an event in conditions of the global financial-economic crisis.

“A dual attitude is formed in the world today concerning capital markets, but in case with Armenia, one should not attach to it the pessimistic moods, that are present in the world markets, but, on the contrary, one should seek new investment opportunities”, Nerses Yeritsyan stated.

According to him, the hopes, which the government related to the arrival of international NASDAQ OMX Exchange operator, “are more than obvious today”.

The Minister noted that capital market development is first of all a mechanism to distribute revenues, which we do not have in Armenia yet. In the context of capital market development, Nerses Yeritsyan stressed the importance of pension reform realization in 2009 and formation of pension funds, implementation of corporate management rules in state establishments and the companies, quoted on the Exchange, as well as development of the concept of knowledge economy and establishment of a venture fund with the participation of the state in the course of 1-2 years.

Regional Manager of NASDAQ OMX Armenia Johan Fredholm noted the growing interest towards Armenia among foreign investors, stressing the importance of the developing market and exchange infrastructure. Presenting the structure of the Armenian capital market to conference participants, Johan Fredholm stated that in 2008 there were perquisites established to develop the market, noting that the primary task for “NASDAQ OMX Armenia” in 2009 will be development of the market of shares.

Among capital market development programs in Armenia in 2009, Johan Fredholm named implementation of new trading and depositary activity platforms on the exchange, establishment of a guarantee fund and a system of final account with the use of T+3 method, establishment of corporate management code for Armenia and its inclusion into the listing requirements on the exchange, implementation of a new pension system and the following investments in 2010 into Armenian securities, as well as realization of the first IPO.

“Global crisis is not a financial crisis for Armenia, the banking system of Armenia is stable”, Johan Fredholm stated, noting that the crisis influences Armenia in the form of reduction in transfers, foreign investments, volume of construction and reduction of prices for raw materials.

“Exactly now, when it is more difficult to attract means from other sources of financing, the issue of shares is more attractive”, Johan Fredholm stated, noting that the temporary tax privileges are also a stimulus not to delay IPO realization.

Managing Partner of “Grant Thornton Amyot” Armand Pinarbasi stated that “it is time for Armenia to use the opportunities of the capital market, studying the practice of other countries and applying it in Armenia, using the local peculiarities”.