National Assembly deputy Hakop Hakobyan (from the #26 poll) has decided
to construct another hotel/complex in the Emirates. Besids the hotel,
he also has efficient recreational centers there. Mr. Hakopyan is one
of the share-holders of the leather factory in the Emirates. He is
building a leather workshop there also. “I am constructing a hotel with
my Arab partner. I already have the “Zvartnots” hotel running in
Armenia and now I am trying to do the same over there,” said H.
Hakobyan. He denied any remark about his plans on doing business around
the world: “I am simply keeping close ties.” In the sense of security,
according to Mr. Hakobyan, it’s good to be “everywhere, it’s just that
taxes are lower in the Emirates, electricity is cheap and working is
easy. If you want to do business there, you only pay 4% of taxes. There
are no other taxes.”
If it is suitable to do business in Armenia, then why did he sell
“Agrobank”? In response to this question, Mr. Hakobyan said: “I wanted
to sell the bank because I no longer felt the need of being involved in
finances. Many serious investments needed to be made. We had a capital
of $2,200,000 and we had to invest 2,800,000 by 2005. So, I thought to
myself: why not invest that money in some other business?” So, Mr.
Hakobyan realized this after privatizing the bank. I investigated the
banks in Armenia and realized that that business really is not
profitable in Armenia.
L.S.