Tag Archives: rmenian Ministry of Economic Development and Investments

On 3 May a foreign direct investment conference marked the official closing of the EU’s “Strengthening the Investment Promotion and Investment Policy Institutional Framework of Armenia’’ twinning project. This project between Armenia and France started on 15 October 2015 with a budget of €810,000, and was fully funded by the EU. Twinning is an EU instrument for institutional cooperation between the public administrations of EU member states and selected beneficiary countries in the European Neighbourhood.
Business France, the French government agency for foreign investment and export development, was the project implementer. The Armenian Ministry of Economic Development and Investments and the Development Foundation of Armenia (DFA) were also involved in the project.

ARS_4887During the project Armenian professionals were introduced to the best European practices; twenty European experts presented effective business tools, approved by Business France, for attracting investment to specialists from the Ministry of Economic Development and Investments and DFA. Activities emphasised the promotion of investment in Armenia, such as the establishment of country branches of foreign companies, job creation and economic development – a model followed by investment promotion agencies in developed countries. The project has had significant achievements: sectorial investment strategies were created and developed; promotional materials about Armenia were created; a database of potential investors was established; DFA established connections with 136 companies; 9 new opportunities and 11 investment projects emerged.

ARS_4933Hoa-Binh Adjemian, the Head of Cooperation Section of the EU Delegation to Armenia, was sad to see the end of this twinning project: ‘It’s very important to promote what Armenia has. This project aimed to promote investment in Armenia – it’s important to ensure that foreign investors come to Armenia, first of all for their financial capacity and, secondly, because foreign direct investment promotes business culture exchange’.

ARS_4930Garegin Melkonyan, the Armenian Deputy Minister of Economic Development and Investments gave an overview of the project: ‘We worked in three strategic directions: investment promotion and policy advocacy; foreign direct investment strategy development and an improvement in the investment climate; aftercare services development. The results are satisfactory’.