Foreign businessmen show interest in Nagorny Karabakh Republic

France, the US, Australia and other Western countries are showing an interest in the Nagorny Karabakh republic. This was announced yesterday by Arman Melikian, representative of the Nagorny Karabakh republic in Armenia, who spoke at a round-table discussion held at Rosbalt news agency.

He said foreign investors are showing interest in the diamond industry and other sectors of the economy. A gold-mine is currently under development in the republic. Moreover, there have been talks about relocating certain factories to the republic and a textiles plant from Eastern Europe is already planning to open in the Asian republic. According to Mr Melikian, the country's legislation provides considerable benefits for foreign investors.

Unfortunately, Nagorny Karabakh only has cultural ties with Russia. 'There are no Russian businessmen in Nagorny Karabakh,' he said. However, the republic is ready and willing to develop such ties with Russia. 'The war is over now, we have started producing things ourselves but we also need goods from other countries,' he stressed.

In 1988 Nagorny Karabakh appealed to Azerbaijan to be allowed to leave the republic and become a part of Armenia which resulted in military conflict. In 1991 Azerbaijan, Armenia and Nagorny Karabakh signed a peace treaty and since then the small republic, which is not recognised internationally, has been trying to solve its problems independently.

According to Mr Melikian, the population of Nagorny Karabakh are living normally and the republic is developing regardless of its official political status.