However, the current economic, social, and judicial climate in Armenia is a serious impediment to effective collaboration. Unfortunately, economic corruption is believed to be systemic here. Widespread allegations from within Armenia, Repeated by many foreign investors, points to coercion by bureaucrats for bribes and personal favors to obtain permits, licenses, and other services to conduct business in Armenia. In fairness, these practices are not unique to Armenia. But the level of corruption throughout the Former Soviet Union is smothering the development of viable market economies.
Corruption also corrodes the people's confidence in their government.
In truth, among all the republics of the Former Soviet Union, Armenia can afford economic malpractices least. Therefore, we urge that the Armenian government at all levels implement comprehensive reforms without delay. Moreover, successful collaboration with Armenians abroad will depend, in large part, on how soon a fair, transparent, and friendly investment climate emerges in armenia. Logically, investors will hesitate to enter armenia until capital safety, regulatory consistency, and tax fairness become the norms in Armenia. Tragically, the lack of economic opportunities has resulted in the emigration of thousands of talented Armenians to foreign countries.