Armenian-French project aimed at boosting foreign investments in Armenia completed

YEREVAN, MAY 3, ARMENPRESS. The EU's Twinning Project “Strengthening the Investment Promotion and Investment Policy Institutional Framework of Armenia”, which lasted 19 months, is over, reports Armenpress.

Over the course of 19 months, Armenian professionals were introduced to the best European practices within the framework of the project, 20 European experts presented effective business tools, approved by Business France, for attracting investment, to specialists from the Ministry of Economic Development and Investments and Development Foundation of Armenia.

“Today we summarize the results of the project. I assess it as a very effective tool since it first of all increases the level of personnel. We already have 19 potential investment programs in our daily work. They cover numerous fields, mining industry, pharmaceutics, chemical and textile industry and etc. The first one is a company, with sales of 11 million USD in the diamond industry, that made a decision to carry out investments in Armenia. Our country became very attractive for foreign investors since it ensures an access to the EU market which is quite a big market”, Natalya Artsruni - ResidentTwinningAdvisorCounterpart, Head of Investment Promotion Department, told reporters.

H.E. Ambassador of France to Armenia Jean-Francois Charpentier highlighted the importance of the French organization’s cooperation with Armenia in the context of attracting foreign investors to Armenia.

“It was a very intense and productive activity. Promoting Armenia’s economic development and new investments: this is among the priorities adopted by Armenia’s government. I, of course, want to express my satisfaction that the Development Foundation of Armenia at this critical stage of its actions managed to receive an assistance from a structure which carries out the same mission in France that is to assist the development of international ties of French structures and by this to support, convey the French experience and practices. I am happy that there was a chance for such kind of cooperation”, the French Ambassador said.

The project’s emphasis was placed on the promotion of investments to Armenia, the establishment of foreign company branches, job creation and economic development. The project was implemented in order to develop the foreign investment policy of Armenia, and contribute to economic growth, job creation, and the potential of the government (Ministry of Economic Development and Investments, and the Development Foundation of Armenia), by increasing foreign direct investment. The project budget was around €810,000, fully funded by the European Union.