Many would guess Russia, but it is actually Argentina. Data on direct foreign investment shows that Argentina now ranks as the largest foreign spender in this South Caucasus country, better known for its politically prohibitive economic reliance on Moscow.
The official stats, reported by Hetq Online, suggest that Armenia’s trade, development, and even foreign policy options may not be as limited as its long dependence on Russia may suggest.
For years, Russia has been the single largest foreign investor in Armenia until France took over the title in 2012. A year later, Russia got pushed further down the list, below France and Argentina, which is now in the lead with just just under $118 million.
One man could be behind the seemingly unlikely Armenian-Argentinian connection. The full detail of Argentina’s investment projects in Armenia is not readily available, but Argentinian billionaire Eduardo Eurnekian, an ethnic Armenian by descent, could be behind the hike.
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