Armenia

Definitions and sources of data

Data on foreign direct investment (FDI) in Armenia are reported by the National Statistical Service. FDI data are collected from enterprise surveys on non-financial enterprises and data on financial corporations are obtained from the Central Bank of Armenia. Data on outward FDI flows are available only on equity investment. Data on inward FDI stock are available from 1997. FDI enterprises are defined as those enterprises with at least 10 per cent foreign equity participation, which may consist of investments made by a foreign investor in any form of property, including financial and intellectual. A foreign investor is defined as any foreign company, international organization, foreign national or Armenian citizen permanently residing outside the country.

The International Monetary Fund reports data on FDI flows to Armenia, with a

breakdown on equity investment, reinvested earnings and intra-company loans. No information is available on outward flows.

Armenia acceded to the World Trade Organization on 5 February 2003. Following the adoption of stabilization measures for economic recovery, the Government has taken liberal reforms that aim to achieve a free market based economy. FDI is strongly encouraged by the Government. Foreign investors are welcome to invest in any sector and are granted national treatment. Under the 1994 Foreign Investment Law, foreign investors are guaranteed against expropriation, the right to repatriation of profits, capitals and dividends, and non-discrimination among foreign investors. Ownership of land by foreign investors is restricted. However, land can be leased. Guarantee is given to foreign investors, in the event of a change in legislation, to choose to be subject to the existing laws at the time when the investments were made, for a period of five years.

Foreign investors may invest through the establishment of fully foreign-owned

companies, affiliates, branches, and new joint ventures with local partners, or through the purchase of existing enterprises or a portion of shares of existing entities. The exploitation of natural resources with state-owned enterprises is authorised, provided concession agreements are signed. Prior to operating a business, registration has to be made with the local division of the State Register. Incentives are provided. In particular, duty-free imports of capital goods that contribute to the capital base of a foreign investment enterprise, as well as free entry of imported items for meeting production needs, are authorized. The 1997 Law on Privatization (amended in 1999) provides foreign investors with the same rights to participate in the privatization process in the country as Armenian investors.

The Ministry of Trade and Economic Development is responsible for the review,

coordination, monitoring and development of investment policies. The Armenian Development Agency (ADA) was established by the 1998 Decree of the Government. It acts as an one-stop shop to potential investors and is responsible for private business development through the promotion and implementation of investment and export-oriented policies. In addition, a Business Support Council was established by the Presidential Decree in 2000, which aims to support entrepreneurship development, promote investments and eliminate administrative barriers in Armenia.

Statistics on FDI and the operations of TNCs

Table 1. Summary of FDI

(Millions of dollars)

Variable Inward Outward

1. FDI flows, 1999-2002 (annual average) 124.2 10.8

2. FDI flows as a percentage of GFCF, 1998-2001 (annual average) 45.5 3.4

3. FDI stock, 2002 684.5 0.4

4. FDI stock as a percentage of GDP, 2002 28.0 0.01

Source : Based on tables 3a and 4 and UNCTAD FDI/TNC database.

Table 2. Summary of international production

Variable

Affiliates of foreign TNCs in

Armenia

Foreign affiliates of

home-based TNCs abroad

1. Number, 1999 1 604 ..

Source: Based on table 23.

Table 3a. FDI flows, by type of investment, 1993-2002

(Millions of dollars)

Inward investment Outward investment

Year EquityReinvested

earnings

Intra-company

loans Total EquityReinvested

earnings

Intra-company

loans Total

1993 0.8 .. .. 0.8 .. .. .. ..1994 8.0 .. .. 8.0 .. .. .. ..1995 5.3 .. 20.0 25.3 .. .. .. ..1996 17.6 .. .. 17.6 .. .. .. ..1997 48.0 3.9 .. 51.9 .. .. .. ..1998 130.3 80.9 25.6 236.8 11.6 .. .. 11.61999 60.1 14.0 61.0 135.1 13.1 .. .. 13.12000 64.0 22.0 38.1 124.1 8.2 .. .. 8.22001 56.1 3.8 27.9 87.8 11.0 .. .. 11.02002 95.7 25.1 28.8 149.6 10.8 .. .. 10.8

Source: National Statistical Service of Armenia.

Table 3b. FDI flows, by type of investment, 1993-2001

(Millions of dollars)

Inward investment Outward investment

Year EquityReinvested

earnings Other Total EquityReinvested

earnings Other Total

1993 0.8 .. .. 0.8 .. .. .. ..1994 8.0 .. .. 8.0 .. .. .. ..1995 5.3 .. 20.0 25.3 .. .. .. ..1996 17.6 .. .. 17.6 .. .. .. ..1997 48.0 3.9 .. 51.9 .. .. .. ..1998 118.4 19.8 82.6 220.8 .. .. .. ..1999 61.1 14.0 46.9 122.0 .. .. .. ..2000 68.5 22.0 13.7 104.2 .. .. .. ..2001 60.8 3.6 5.5 69.9 .. .. .. ..

Source : International Monetary Fund, August 2003 Balance of Payments CD ROM.

Table 4. FDI stocks, by type of investment, 1997-2002

(Millions of dollars)

Inward investment Outward investment

Year EquityReinvested

earningsOther capital Total Equity

Reinvested earnings

Other capital Total

1997 72.3 .. 31.2 103.4 .. .. .. ..1998 203.0 .. 109.7 312.7 .. .. .. ..1999 268.9 .. 152.5 421.4 .. .. .. ..2000 350.2 .. 162.9 513.1 .. .. .. 0.012001 416.9 .. 162.9 579.9 .. .. .. 0.022002 513.8 .. 170.7 684.5 .. .. .. 0.36

Source: National Statistical Service of Armenia.

Table 5. FDI flows in the host economy, by industry, 1998-2002

(Millions of dollars)

Sector / industry 1998 1999 2000 2001 2002Total 236.8 135.1 124.1 87.8 149.6

Primary 29.0 10.5 3.4 1.0 6.7Agriculture, hunting, forestry and fishing - - - 0.2 3.4Mining, quarrying and petroleum 29.0 10.5 3.4 0.7 3.3

Mining and quarrying 29.0 10.5 3.4 0.7 3.3Mining of metal ores 29.0 2.0 3.2 0.7 3.1Other mining and quarrying - 8.5 0.2 0.1 0.2

Secondary 26.6 42.1 11.1 9.7 40.3Food, beverages and tobacco 14.5 39.6 9.2 3.9 19.5

Food products and beverages 13.2 37.7 7.8 3.9 13.6Tobacco products 1.3 2.0 1.4 - 5.9

Textiles, clothing and leather 0.3 - 0.2 - -Textiles 0.3 - 0.2 - -

Wood and wood products 2.3 - - - -Publishing, printing and reproduction of recorded media 0.1 - - - -Chemicals and chemical products 2.6 0.2 0.2 0.7 10.8Rubber and plastic products 0.3 - - - -Non-metallic mineral products 3.9 1.3 - - -Metal and metal products 0.6 0.5 0.4 2.2 3.2

Basic metals 0.6 0.5 0.4 2.2 3.0Fabricated metal products - - - - 0.2

Machinery and equipment 0.2 0.2 - - 0.1Electrical and electronic equipment - - - - 2.6

Electrical machinery and apparatus - - - - -Radio, television and communication apparatus - - - - 2.6

Precision instruments - - - 0.9 0.5Other manufacturing 2.0 0.2 1.1 2.0 3.6

Manufacture of furniture 2.0 0.2 1.1 2.0 3.6Tertiary 176.7 77.7 105.5 65.2 93.9

Electricity, gas and water 43.3 42.0 42.0 24.9 42.4Construction - 1.2 0.7 3.4 8.6Trade 22.7 12.3 11.1 4.4 7.5

Automotive trade and repair 0.1 2.0 0.3 - - Wholesale trade 22.1 10.3 10.8 3.9 7.2Distributive trade 0.5 0.1 0.1 0.5 0.2

Hotels and restaurants 8.6 6.8 4.6 1.1 2.1Transport, storage and communications 78.3 11.8 37.6 14.3 9.3

Transport and storage 0.3 0.1 0.1 1.0 - Land transport including pipelines - - - - -

Supporting and auxilary transport activities 0.3 0.1 0.1 1.0 -Post and communications 78.0 11.6 37.4 13.3 9.2

Telecommunications 78.0 11.6 37.4 13.3 9.2Finance 0.2 0.1 - 3.0 9.5

Financial Intermediation - - - 1.7 9.4Insurance and Pension Funding - 0.1 - 0.3 0.1Activities Auxiliary to Financial Intermediation 0.2 - - 1.0 -

Business activities 21.5 1.7 4.5 8.4 9.2Computer and related activities 1.6 0.6 1.5 2.2 5.2Research and development 0.1 0.3 - 4.6 1.4Other business activities 19.8 0.8 3.0 1.6 2.5

Education 1.2 0.7 1.1 1.0 1.0Health and social services - - 0.0 - 0.3Community, social and personal service activities 0.9 1.2 1.0 - 0.7

Recreational, cultural and sporting activities 0.9 1.2 1.0 - 0.7Other services - - 0.1 1.0 0.2Unspecified tertiary - 0.1 - 3.0 3.7 3.2

Unspecified 4.5 4.8 4.0 11.9 8.6

Source: National Statistical Service of Armenia.

Note: Unspecifed refers to FDI through the banking system not allocated by sector.

Table 6. FDI flows in the host economy, by geographical origin, 1998-2002

(Millions of dollars)

Region/economy 1998 1999 2000 2001 2002Total world 236.8 135.1 124.1 87.8 149.6

Developed countries 178.7 82.2 70.5 39.9 110.9Western Europe 112.0 65.8 52.2 19.3 49.4

European Union 109.2 64.9 52.2 18.3 48.6Belgium 1.9 0.3 0.2 - 3.3France 16.3 25.6 3.0 - 11.3Germany - 0.1 - 0.1 0.1Greece 77.7 11.7 38.8 13.4 9.3Ireland 0.1 0.6 1.0 1.3 1.0Italy 0.4 4.8 4.9 0.6 1.8Luxembourg 8.4 10.8 2.8 0.6 0.5Netherlands 0.4 0.5 0.8 1.0 1.3Spain - 1.7 0.1 - 0.7United Kingdom 3.9 8.8 0.5 1.2 19.3

Other Western Europe 2.9 0.9 - 0.9 0.7Liechtenstein 0.6 0.5 - - -Monaco - 0.4 - - -Switzerland 2.3 - - 0.9 0.7

North America 66.6 16.4 18.3 18.6 61.5Canada 31.2 10.9 10.8 0.7 50.1United States 35.4 5.6 7.5 17.9 11.4

Other developed countries - - - 2.0 -Israel - - - 2.0 -

Developing economies 10.4 5.3 3.3 3.3 12.0Africa 0.1 - 0.6 - -

North Africa 0.1 - - - -Egypt 0.1 - - - -

Other Africa - - 0.6 - -Liberia - - 0.6 - -

Latin America and the Caribbean 0.8 0.1 0.1 2.6 2.5Other Latin America and Caribbean 0.8 0.1 0.1 2.6 2.5

Bahamas 0.8 0.1 - - 0.0Cuba - - - 0.9 -Panama - - - 1.7 2.5

Asia 9.4 5.1 2.5 0.8 9.5West Asia 8.4 5.0 2.5 0.8 9.5

Cyprus 6.6 3.2 1.7 0.5 5.0Iran, Islamic Republic of 0.2 - 0.7 0.2 1.8Kuwait 0.0 0.2 - - -Lebanon 0.3 0.2 0.2 - 2.7Turkey 1.0 0.6 - - -United Arab Emirates 0.2 1.0 - - -

Central Asia 1.1 - - - -Turkmenistan 1.1 - - - -

South, East and South-East Asia - 0.1 - - -India - 0.1 - - -

Central and Eastern Europe 43.3 42.8 43.2 29.0 7.0Hungary 0.1 - 0.1 0.1 -Russian Federation 43.2 42.8 43.1 28.9 7.0

Unspecified 4.5 4.8 7.1 15.7 19.6

Source: National Statistical Service of Armenia.

Note: Unspecifed includes FDI through the banking system not allocated by country.

Table 9. FDI flows abroad, by geographical destination, 1996-2002

(Millions of dollars)

Economy 1996 1997 1998 1999 2000 2001 2002France - 0.3 - - - - -India 0.5 - - - - - -Kazakhstan - - - 0.9 - 1.4 - -Malaysia - - - - - - 10.2Mongolia - - - - - 0.2 -United States - 1.0 1.0 - - - -

Source : UNCTAD, FDI/TNC database.

Notes: Data are based on information reported by the economies listed above on theinvestments made by Armenia in them. Data for India, Malaysia and Mongolia are on anapproval basis.

Table 11. FDI stocks in the host economy, by industry, 1998-2002

(Millions of dollars)

Sector / industry 1998 1999 2000 2001 2002Total 236.8 371.9 495.9 583.7 733.2

Primary 29.0 39.5 42.9 43.9 50.6Agriculture, hunting, forestry and fishing - - - 0.2 3.6Mining, quarrying and petroleum 29.0 39.5 42.9 43.7 47.0

Mining and quarrying 29.0 39.5 42.9 43.7 47.0Mining of metal ores 29.0 31.0 34.2 34.8 37.9Other mining and quarrying - 8.5 8.7 8.8 9.1

Secondary 26.6 68.7 79.8 89.5 129.8Food, beverages and tobacco 14.5 54.1 63.3 67.2 86.7

Food products and beverages 13.2 50.8 58.6 62.5 76.1Tobacco products 1.3 3.3 4.7 4.7 10.6

Textiles, clothing and leather 0.3 0.4 0.6 0.6 0.6Textiles 0.3 0.4 0.5 0.6 0.6

Unspecified textiles 0.3 0.4 0.5 0.6 0.6Wood and wood products 2.3 2.3 2.3 2.3 2.3Publishing, printing and reproduction of recorded media 0.1 0.1 0.1 0.1 0.1Chemicals and chemical products 2.6 2.8 3.0 3.7 14.5Rubber and plastic products 0.3 0.3 0.3 0.3 0.3Non-metallic mineral products 3.9 5.2 5.2 5.2 5.2Metal and metal products 0.6 1.1 1.4 3.6 6.8

Basic metals 0.6 1.1 1.4 3.6 6.6Fabricated metal products - - - - 0.2

Machinery and equipment 0.2 0.4 0.4 0.4 0.5Electrical and electronic equipment - - - - 2.6

Radio, television and communication apparatus - - - - 2.6Precision instruments - - - 0.9 1.5Other manufacturing 2.0 2.1 3.3 5.3 8.9

Manufacture of furniture 2.0 2.1 3.3 5.3 8.9Tertiary 176.7 254.3 359.9 425.1 519.0

Electricity, gas and water 43.3 85.3 127.3 152.2 194.6Construction - 1.2 1.9 5.3 14.0Trade 22.7 35.1 46.2 50.6 58.1

Automotive trade and repair 0.1 2.1 2.3 2.3 2.3 Wholesale trade 22.1 32.4 43.2 47.2 54.4Distributive trade 0.5 0.6 0.6 1.1 1.4

Hotels and restaurants 8.6 15.4 19.9 21.1 23.2Transport, storage and communications 78.3 90.0 127.6 141.9 151.2

Transport and storage 0.3 0.4 0.5 1.5 1.6 Supporting and auxilary transport activities 0.3 0.4 0.5 1.5 1.6Post and communications 78.0 89.7 127.1 140.4 149.6

Finance 0.2 0.3 0.3 3.2 12.8Financial Intermediation - - - 1.7 11.1Insurance and Pension Funding - 0.1 0.1 0.4 0.5Activities Auxiliary to Financial Intermediation 0.2 0.2 0.2 1.2 1.2

Business activities 21.5 23.2 27.6 36.0 45.1Computer and related activities 1.6 2.2 3.7 5.9 11.1Research and development 0.1 0.4 0.4 5.0 6.4Other business activities 19.8 20.6 23.5 25.1 27.6

Education 1.2 1.9 3.0 4.0 5.0Health and social services - - - - 0.3Community, social and personal service activities 0.9 2.1 3.1 3.1 3.7

Recreational, cultural and sporting activities 0.9 2.1 3.1 3.1 3.7Other services - - 0.1 1.1 1.3Unspecified tertiary - 0.1 - 0.1 2.9 6.6 9.7

Unspecified 4.5 9.3 13.3 25.2 33.8

Source: National Statistical Service of Armenia.

Notes: Stocks are an accumulation of flows from 1998. Therefore, they may be different from those presented intable 4. Unspecifed refers to FDI through the banking system not allocated by sector.

Table 12. FDI stocks in the host economy, by geographical origin, 1998-2002

(Millions of dollars)

Region/economy 1998 1999 2000 2001 2002Total world 236.8 371.9 496.0 583.8 733.4

Developed countries 178.7 260.9 331.3 371.2 482.1Western Europe 112.0 177.8 230.0 249.2 298.6

European Union 109.2 174.0 226.2 244.6 293.2Belgium 1.9 2.2 2.4 2.5 5.8France 16.3 41.9 44.9 44.9 56.2Germany - 0.1 0.1 0.2 0.3Greece 77.7 89.5 128.3 141.8 151.1Ireland 0.1 0.7 1.7 3.0 4.0Italy 0.4 5.1 10.1 10.6 12.5Luxembourg 8.4 19.2 21.9 22.6 23.1Netherlands 0.4 0.9 1.8 2.8 4.1Spain - 1.7 1.8 1.8 2.5United Kingdom 3.9 12.7 13.2 14.5 33.7

Other Western Europe 2.9 3.7 3.7 4.6 5.4Liechtenstein 0.6 1.1 1.1 1.1 1.1Monaco - 0.4 0.4 0.4 0.4Switzerland 2.3 2.3 2.3 3.2 3.9

North America 66.6 83.1 101.4 120.0 181.5Canada 31.2 42.1 52.9 53.5 103.7United States 35.4 41.0 48.5 66.5 77.8

Other developed countries - - - 2.0 2.0Israel - - - 2.0 2.0

Developing economies 10.4 15.6 18.9 22.2 34.2Africa 0.1 0.1 0.8 0.8 0.8

North Africa 0.1 0.1 0.1 0.1 0.1Egypt 0.1 0.1 0.1 0.1 0.1

Other Africa - - 0.6 0.6 0.6Liberia - - 0.6 0.6 0.6

Latin America and the Caribbean 0.8 0.9 1.0 3.6 6.0Other Latin America and Caribbea 0.8 0.9 1.0 3.6 6.0

Bahamas 0.8 0.9 1.0 1.0 1.0Cuba - - - 1.0 1.0Panama - - - 1.7 4.1

Asia 9.4 14.6 17.1 17.9 27.4West Asia 8.4 13.4 15.9 16.7 26.2

Cyprus 6.6 9.8 11.5 12.0 17.0Iran, Islamic Republic of 0.2 0.2 1.0 1.2 3.0Kuwait - 0.2 0.2 0.2 0.2Lebanon 0.3 0.5 0.7 0.7 3.4Turkey 1.0 1.6 1.6 1.6 1.6United Arab Emirates 0.2 1.1 1.1 1.1 1.1

Central Asia 1.1 1.1 1.1 1.1 1.1Turkmenistan 1.1 1.1 1.1 1.1 1.1

South, East and South-East Asia - 0.1 0.1 0.1 0.1India - 0.1 0.1 0.1 0.1

Central and Eastern Europe 43.3 86.1 129.4 158.3 165.4Hungary 0.1 0.1 0.2 0.3 0.3Russian Federation 43.2 86.0 129.2 158.1 165.1

Unspecified 4.5 9.3 16.4 32.1 51.7

Source: National Statistical Service of Armenia.

Notes: Stocks presented here are estimated by accumulating flows from 1998. Therefore, they maybe different from those presented in table 4. Unspecifed includes FDI through the banking systemnot allocated by country.

Table 15. FDI flows abroad, by geographical destination, 1999-2002

(Millions of dollars)

Economy 1999 2000 2001 2002Bulgaria 4.8 - - -Latvia - 0.3 0.4 -Malaysia - - - 10.2Mongolia - - 0.2 0.2

Source : UNCTAD, FDI/TNC database.

Notes: Data are based on information reported by the economies listed aboveon the investments made by Armenia in them. Data for Malaysia andMongolia are on an approval basis.

Region/economy 1999Total world 1 604

Developed countries 529Western Europe 260

European Union 240Austria 7Belgium 10Denmark 1France 64Germany 38Greece 15Ireland 11Italy 22Luxembourg 1Netherlands 12Spain 4Sweden 4United Kingdom 50Unspecified European Union 1

Other Western Europe 20Liechtenstein 4Switzerland 16

North America 258Canada 26United States 232

Other developed countries 11Australia 1Israel 6Japan 2New Zealand 2

Developing economies 597Africa 8

North Africa 6Egypt 6

Other Africa 2Liberia 1Nigeria 1

Latin America and the Caribbean 18South America 8

Brazil 8Other Latin America and Caribbean 10

Bahamas 4Cayman Islands 1Virgin Islands 5

Asia 571West Asia 480

Cyprus 21Iran, Islamic Republic of 333Iraq 3Kuwait 1Lebanon 51Syrian Arab Republic 35Turkey 23United Arab Emirates 13

Central Asia 62Georgia 50Kazakhstan 4Tajikistan 1Turkmenistan 4Uzbekistan 3

South, East and South-East Asia 29China 7Democratic People's Republic of Korea 2India 13Lao People's Democratic Republic 2Pakistan 3Republic of Korea 1Thailand 1

Central and Eastern Europe 475Belarus 11Bulgaria 29Czech Republic 12Hungary 4Latvia 3Lithuania 5Poland 6Republic of Moldova 2Romania 4Russian Federation 368Serbia and Montenegro 2Slovakia 5Ukraine 24

Unspecified 3

Source: National Statistical Service of Armenia.

Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin, 1999

(Thousands of employees and millions of dollars)

Table no. Variable Economy 1991 1999 200035 Employees Italy 0.1 .. ..45 Sales Italy 9.7 .. ..45 Sales United States .. 1.0 1.0

Source : UNCTAD, FDI/TNC database.

Note: Data are based on information on foreign affiliates of home-based TNCsof the economies listed above which are located in Armenia.

Tables 35,45. Employment and sales of affiliates of foreign TNCs in Armenia, 1991, 1999 and 2000

Table 88. Largest affiliates of foreign TNCs in the host economy, 2002

(Millions of dollars and number)

Company Home Economy Industry Sales Employees

A. Industrial

Yerevan Brandy Company France Beverages .. 450Jv Masis-Tobacco Canada Tobacco .. 1 200Armenian-Canadian Joint Venture Grand Tobacco Canada Tobacco .. 1 000Zangezursk Copper Molybden Combine United Kingdom Metals .. 250

B. Tertiary

Armenian Telephone Company Greece Telecommunications .. 7 159Ameria Trade Russian Federation Trade .. 15Wuerth Armenia Germany Other business services .. ..International Airport Zvartnot Argentina Transport and storage .. ..

C. Finance and insurance Assets Employees

HSBC Bank Armenia cjsc United Kingdom Finance 90 27 a

Bank Mellat CJSC Iran Finance 14 118 b

Fintrust Insurance United States Insurance 4

a December 1999. b December 2002.

Sources : The Banker's Almanac, 2003 (London, Reed Information Services, 2003); Thomson Analytics (http://analytics.thomsonib.com/);Who Owns Whom, 2003 (London, Dun and Bradstreet, 2003).

Armenia

Sources of information A. Official National Statistical Service of the Republic of Armenia (http://www.armstat.am/) Central Bank of Armenia (http://www.cba.am/) Armenian Development Agency (http://www.businessarmenia.com/IPA_Default.asp) B. Secondary 1. Armenian Development Agency, "Investing in Armenia"

(http://www.businessarmenia.com/IPA_Information.asp?hdnGroupID=11&hdnLevelID=0).

2. American and European Union Chambers of Commerce, "Reform of the Armenian tax

system: the foreign investors' perspective", August 2003 (http://www.amcham.ge/res/ics/TaxWhitePaper.pdf).

3. Economist Intelligence Unit (EIU), Country Profile 2003: Armenia (EIU: London,

2003). 4. European Bank for Reconstruction and Development (EBRD), Transition Report 2003:

Integration and Regional Cooperation, (EBRD: London, 2003). 5. National Statistical Service of the Republic of Armenia, "International investment

position of the Republic of Armenia" (http://www.armstat.am/Publications/). 6. UN-ESCAP, "Country reports on investment climate: Armenia" in "Foreign direct

investment in Central Asian and Caucasian economies: policies and issues", Studies in Trade and Investment, pp. 37-63, No. 50, 2003 (ESCAP: Bangkok, 2003).

7. United States Embassy (Yerevan), "Armenia: 2004 investment climate statement",

July 2003 (http://www.bisnis.doc.gov/bisnis/bisdoc/030721ArinvestClim.htm)