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Armenian Minister of Economy Vahan Kerobyan on Wednesday defended a police-drafted bill that would allow foreigners investing at least $150,000 in Armenia’s economy to gain Armenian citizenship.

Speaking to reporters, the minister claimed the new measure would help boost the country’s economy through investments and increase immigration.

“It is aimed at making a certain group of people who can greatly contribute to Armenia’s economy also Armenian citizens,” the minister explained.

Kerobyan dispelled the concerns that the scheme could pose national security threats, as more citizens of unfriendly countries, notably Turkey, may apply for Armenian citizenship.

He assured that the National Security Service (NSS) and the police would continue to scrutinize all citizenship applications.

“I believe the concerns will be completely dispelled and we will not have a situation where there will be too many dual citizens of Armena and Turkey," the minister said, not ruling out a possible increase in the number of citizenship applications by Turkish nationals.