RA Economy Minister discussed Armenia`s investment potential with U.S. Ambassador

19 October, 2021

Minister of Economy of Armenia Vahan  Kerobyan received U.S.  Ambassador Extraordinary and Plenipotentiary  to Armenia Lynne Tracy yesterday. It is reported that Deputy Ministers Varos Simonyan, Narek  Teryan, Deputy Ambassador Chip Laitinen, USAID Mission Director for  Armenia John G. Allelo and other officials, also attended the  meeting.

Welcoming the meeting participants, Vahan Kerobyan highly appreciated  the continued support of the U.S.  government in carrying out  economic reforms, and emphasized the effectiveness of current and already implemented programs.

The Minister referred to the "Exemplary Experience of Armenia"  assessment criteria and standards developed for the tourism sector  within the framework of the USAID-funded "My Armenia" program,  stressing the importance of the work done. Stating that the standards  have already been sent to the National Standardization Body for  approval and implementation, he added that thanks to them, the  tourism sector will be significantly improved, it will be possible to  direct targeted tourist flows to Armenia.  

The Ambassador noted that Armenia has many attractive sectors both  for investment and for the development of tourism, highlighting the  success of Armenia in the field of winemaking. She noted that she  sees great potential for development in the field of winemaking.  

The Minister also mentioned the role of USAID in establishing  public-private dialogue, noting that a lot has been done in this  direction, but much remains to be done to achieve the goal.   Presenting the economic part of the government's program, Vahan  Kerobyan noted that it is planned to move from an economy based on  consumption to an economy based on investments. Among the programs  being implemented, the minister highlighted programs aimed at  attracting investments, investor support programs, state policy aimed  at developing the financial sector, noting that the creation of  venture funds is part of it. This area is already developing in Armenia, as evidenced by the  recently established venture funds.  

Vahan Kerobyan noted Armenia's  membership in the Eurasian Economic Union, stressing that Armenia can  become a good platform for American companies wishing to enter the  markets of other EAEU member states. In this context, he invited  American companies to conduct economic activities in Armenia. 

The Minister also proposed to discuss the possibility of improving  the taxation regime for businessmen in the USA and Armenia.The Ambassador agreed  that it is necessary to facilitate the processes of business  development as much as possible, expressing readiness to discuss  further steps in this direction.

The Minister also touched upon the development of the sector of small  and medium-sized businesses, existing problems, presented a vision of  the development of the sector. Speaking about the shortage of  specialists in the SME sector, he said that work is underway to adapt  education to the requirements of business. In this context, he  focused on the role of the United States in the transfer of  experience and knowledge.  Speaking about the investment environment,  Vahan Kerobyan highlighted areas that may be of interest to American  investors, namely: solar energy production, pharmaceuticals, chemical  industry, healthcare.

Speaking about improving the investment climate in Armenia, the  Ambassador invited the Armenian side to take part in an online  meeting organized by the U.S. Department of Commerce on December 6,  which will be attended by representatives of U.S. government agencies  and the private sector interested in Armenia's investment  opportunities.

The parties also touched upon the agreement on trade relations  between Armenia and the United States.  Both sides agreed to start  work on revising and updating it.

At the end of the meeting, the ambassador noted that the government's  program has many opportunities for cooperation between the two  countries. It was decided to carry out work on the points under  discussion with the participation of specialists from both sides.  

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