Nagorno-Karabakh Republic - Economy

Economy

Main article: Economy of Nagorno-Karabakh Republic

The socio-economic situation of the Nagorno-Karabakh Republic was greatly affected by the conflict. Yet, foreign investments are beginning to come. The origin of most venture capital comes from Armenians in Armenia, Russia, United States, France, Australia, Iran, and the Middle East.

Notably the telecommunications sector was developed with Karabakh Telecom investing millions of dollars in mobile telephony, spearheaded by a Lebanese company.

Copper and gold mining has been advancing since 2002 with development and launch of operations at Drmbon deposit. Approximately 27–28 thousand tons (wet weight) of concentrates are produced with average copper content of 19–21% and gold content of 32–34 g/t.

The banking system is also flourishing with Artsakhbank (the state bank) and a number of Armenian banks. The republic presently uses the Armenian dram.

Wine growing and processing of agricultural products, particularly wine (i.e. storage of wine, wine stuff, cognac alcohol) is one of the prioritized directions of the economic development.

Read more about this topic:  Nagorno-Karabakh Republic

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