The amount of foreign investments in Armenia in the first quarter of 2022 amounted to over 26.9 billion drams ($66.3mln), down from 76.9 billion drams ($189 mln) in the same period of time in 2021, according to the National Statistical Committee (NSC).

Out of that amount some 22.5 billion drams ($55 mln) were foreign direct investment (FDI), down from 34.9 billion drams ($86 mln) recorded in the first quarter of 2021.

Russia was the largest foreign investor in Armenia accounting for about 19.9 billion drams or $49 mln (almost a 13 billion dram or $32 mln rise). Russian FDI were 16 billion or $39 mln (about 11.4 billion dram or $28 mln increase).

Next by size of investments was Cyprus, which accounted for 6.4 billion drams ($15.8 mln), a decrease of 68.2 million drams ($168 K) from the first quarter of 2021. Cyprus' FDI amounted to 3.6 billion drams or $8.9 mln (a growth by about 1.3 billion drams or $3.2 mln).

France was third with about 4.9 billion drams or $12 mln of investments (growth of 6.9 billion drams or $17 mln), whereas its FDI amounted to 4.9 billion drams or $12 mln (growth of 6.9 billion drams or $ 17 mln).

The bulk of foreign investments in January-March 2022 were channeled into metal ore extraction (6.8 billion drams or $16.7 mln), electricity, gas, steam and conditioned air supply (5.2 billion drams or $13 mln), and air transportation (5.1 billion drams or $12.6 mln), ARKA reports.