It is expected to have big franchising projects in Armenia in the future: Tigran Jrbashyan

YEREVAN, DECEMBER 29, ARMENPRESS. The American Chamber of Commerce in Armenia representing more than 100 companies was able to have big contribution to the signing of an important agreement for the country. The activities of the implementation of the agreement are currently in progress, particularly the Chamber is focused on lifting double taxation with the USA. “Armenpress” interviewed Tigran Jrbashyan, President of American Chamber of Commerce in Armenia Council, Development Director in Ameriabank CJSC.

The American Chamber of Commerce in Armenia has been carrying out activities for already 15 years, the activities of signing Trade and Investment Framework Agreementhave already been completed. What processes are currently arising from the agreement?

Let me speak a little about the Chamber. I have never been engaged into social activities, American Chamber of Commerce was interesting for me too. It is a unique institution, as it operates only by membership fees, which is very important. Many institutions of this kind frequently confuse their mission becoming organizations for their own.

I must say that I am the 8th president of the Chamber during the 15 years of its activities.

There are no specifications in the framework agreement; it is a format, in the framework of which the parties must develop certain steps aimed at the promotion of trade and investments. Bilateral agreements of this kind were signed by the USA with few countries in the territory of the CIS. In this regard, Armenia is in a very favourable position.

There is a bilateral standing committee, with the participation of Armenia Minister of Economy representing the Armenian party, and the representative of United States Department of Commerce representing the USA. The first session was held this year in October. It is important that according to the format, representatives of the business world actively participate in those sessions.

Tigran Jrbashyan also noted that one of the priorities of the American Chamber of Commerce in Armenia is the Tax Code, and that they have really important role in the discussions of the draft.

Armenia is a member to the Extractive Industries Transparency Initiative(EITI) and activities related to it are another significant aspect.

Tigran Jrbashyan emphasized that Armenia’s market is small and unfamiliar for the majority of foreign companies. However, franchise investments are more attractive for foreign companies. So it is expected to have big franchising projects in Armenia in the future.