Armenia’s government launches new investment promotion program

Armenia’s government, with the sponsorship of the Asian Development Bank (ADB) and in cooperation with the Armenia-based Ameria and US-based Pragma Corporation, has launched an initiative of the “Armenia investment conference – 2016”, which is to take place in New York, United States, next September.

Armenia’s Deputy Minister of Economy Sergey Avetisyan told reporters that Armenia’s government started negotiations with the ADB a year ago. The agenda has been prepared, and a team has been formed on the basis of cooperation between the government and private sectors.

“The program is aimed at promoting foreign investments, presenting Armenia’s competitive advantages and potential economic sectors foreign investors could invest in,” he said.

The conference has been organized by the Armenia Development Fund (ADF). ADF Chairman Arman Khachaturyan noted that the economic systems are changing along with the changing world.

“We have challenges to meet, and both regional and globally, have competitive economy and create new jobs. This requires investments in Armenia and diversifying our import markets to build prosperous future for our fellow-citizens. With this end in view, in the context of the government-launched initiative of investment promotion and reform of business environment, we have launched this large-scale event,” Mr Khachaturyan.

The conference is supposed to show Armenia’s investment potential, attractive business environment, to enable Armenian businessmen to present all their business initiatives to the world.

“Our wish is to make Armenia an attractive area for investment and attract new investors. Before the conference, we plan to organize a number of exhibitions on different continents as a campaign to advertise Armenia as an area for investments and business projects,” Mr Khachatryan said.

David Dole, ADB Resident Representative, noted that the bank is confident in Armenia’s future and in the country’s great potential for economic development.

Foreign investments can not only be beneficial, but investors can benefit themselves. Armenia has efficient economic management, which facilitates starting businesses. The country also has high-quality labor force.
Armenia’s government is making efforts t improve the country’s business environment. On the other hand, foreign investors are not well informed of Armenia’s potential, Mr Dole said.