“Ripple effect”: fDi Magazine on Development Foundation of Armenia
YEREVAN, DECEMBER 19, ARMENPRESS. fDi magazine published the interview of the executive director of the Development Foundation of Armenia (DFA), Armen Avakian where he explains to editor-in-chief Courtney Fingar how Armenia’s global diaspora could be the key to the next level of investment growth, Armenpress reports citing the fDi official website.
-As the new head of the Development Foundation of Armenia, you have said you want to create a ‘2.0’ version of the agency. What does that mean in practice?
-I mean that the majority of the financial resources in the past were aimed towards more direct, exposed forums, promotion or marketing at that level, whereas now we are thinking not only FDI but FDI vs foreign projects investments [FPI]. For FDI we are promoting Armenia as a site, for FPI we are selling specific projects that are interesting. We moved this project work into our system. So the project team that creates and generates the actual investment projects is not just promoting Armenia but also specific business projects we are working on.
-You have some plans to expand your representative network overseas. What role will this play?
-Conceptually, the idea is we need to get awareness and we need to drive that awareness to purchase intent. How do we create awareness and drive purchases? The strategy looks a lot like a drop of water: you take a drop of water and you drop it into a larger pool of water and it creates ripples. So our strategy is to ripple it out. We have the core, the drop itself. The drop itself has to be the development foundation. That’s where we stand. We’re the locomotive, the engine that is going to drive that. The first layer off that ripple has to be the diaspora. And we are trying to get the diaspora more engaged.