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Business Support Council Session took place on April 21st chaired by the prime minister of the Republic of Armenia. The session discussed dozen of proposals raised by the business community representatives. The General Director of the Armenian Development Agency, Mr. Robert Harutyunyan noted that the issues discussed were mainly regarding the taxation and customs and trade sectors, particularly, the usage of cash registers in the rural areas, support to small and medium enterprises and energy saving measures, as well as some legislative amendments of the Republic of Armenia. Regarding the discussed items, there was an assignment for the State Tax Committee to organize courses along with the company associations to provide some clarification on defining products customs value for the importers, to make customs clearance easier and open. The Council also discussed those proposals concerning the removal of barriers affecting enterprise development. The BSC Secretary informed that conceptual discussions took place at the Ministry of Labor and Social Affairs on April 17-18 involving the representatives of finance, economy ministries, the State Revenue Committee and the BSC Secretariat leading to number of agreements reached.
The outcome of those discussions was presented by Minister of Labor and Social Affairs Arsen Hambardzumyan. The speaker noted that the labor code amendment- and tax code development-related efforts should be attended with relevant changes to be made in the RA law on social security payments, as well as in the code on administrative offences and the penal code and some normative acts based on government decrees. Taking into consideration the diversity of regulating issues, the Prime Minister told the ministers of labor and social affairs, finance and economy to get together for joint discussions and come up with the outcome report at the next council session. The Council also discussed the status of the assignments issued at the meeting on April 8th. The BSC Secretary reported that some of these assignments were fulfilled while others are pending and the rest of the information will be provided at the next council session..

April 21th


Armenian Development Agency hosted Mr. Francesco Mazzola, construction professor, an adviser from DLC company, Italy on February 17th, 2009. He made a presentation about new technologies applied in the construction.
The adviser to the Prime Minister of the Republic of Armenia, some representatives from construction sector, including ministry of construction, union of architects and Elite Group were pariticipating at the event. The presentation was about the proposal of the new industrial method applied the building construction. The purpose is to acquire high quality corresponding to the international standards: seismic resistance, thermo isolation, facilitated architectural solution, houses and up to 30 floor buildings, commercial territories, hospitals, schools, etc. rapidly building system/12-15 houses daily on average basis with 100-120square meter or similar buildings, big savings compared to the traditional constructing methods which depend on the local construction material costs-cement, iron, labor force. For example 1 square meter territory costs 400 Euros in Cyprus.
The proposal of the government should be for a 5 year period which will include building minimum 5000 houses annually.
Before the construction works begin, the company is planning to build a plant where the building blocks with industrial shape will be assembled.
The preparatory works will start in the open territory predicting that the city infrastructure will be ready within 12 months period. Starting from the 13th month, 12 to 15 houses will be completed daily.


ArmTech Congress '08

YEREVAN, Republic of Armenia and MOUNTAIN VIEW, California, USA - September 5, 2008 - The Armenian Technology Congress announced that the annual high tech industry conference, ArmTech Congress'08, will be conducted on October 4 and 5 in Yerevan under the auspices of the Prime Minister of the Republic of Armenia (RA), Tigran Sargsyan, and supported by the RA Ministry of Economy, leading high tech industry companies, academia and international organizations. The conference will highlight the rise of Armenia's strategic high tech industry while promoting international business linkages and investments for further growth.
The Government of the Republic of Armenia (RA) stressed the importance of the ArmTech Congress. According to Nerses Yeritsyan, the RA Minister of Economy: "The ArmTech Congress serves as a means to provide the platform to discuss, plan and execute policies and actions to keep Armenia on the current path of excellent achievement, increasing its global recognition as one of the fastest growing high tech destinations in the world. Moreover the Government of the RA considers the ArmTech Congress an unprecedented opportunity to obtain business and professional information, and make key connections spanning the global high tech industry. Directly involved will also be government representatives from Armenia and the U.S., major players in the financial and services sectors and leading academics."
"ArmTech is envisaged as a recurring annual global high tech industry conference, alternating between Silicon Valley and Armenia. Its historical and successful debut in 2007 in Silicon Valley, California established a challenging benchmark for subsequent years," said Tony Moroyan, the founder and co-chair of ArmTech Congress. "We are very happy that the Armenian Government has adopted ArmTech Congress as its Global High Tech Industry Conference by holding the second ArmTech Congress in Yerevan in 2008."



YEREVAN, June 04.
The Armenian Development Agency organized an Armenian-German Business Conference on June 4th. The delegation of 33 German businessmen representing CARAT investment fund, as well as different industrial sectors such as financial, agricultural, etc. arrived in Armenia to participate at the conference. Welcome speech was delivered by the Minister of Finance, Mr. Tigran Davtyan who mainly talked about the financial market situation in Armenia.

The General Director of ADA, Mr. Harutyunyan welcomed guests with the complimentary speech talking about Armenia's favorable operating conditions: liberal and business friendly legislation, political and financial stability, strong commitment of the government and highly motivated and well-trained work-force. He also noted that the investment and trade policies of Armenia are considered the most open in the CIS by international organizations. Talking about German and Armenian relations Mr. Harutyunyan noted that both countries have a Bilateral Investment Treaty, which will be a good incentive for business cooperation. A general presentation about Armenia's macroeconomic situation, investment incentives, foreign investment trends, export growth and structure, business environment and benefits of investing in Armenia, priority sectors of the Armenian economy, the role of the ADA in investment generation and export promotion was performed for the German delegation without forgetting to mention that Germany holds the second place by the volume of investments-55251. 9 thousand USD.
Although the trade figures between Armenian and German are not so big, but they are promising. The specific weight of Armenian exports to Germany in total trade turnover of Republic of Armenia make up 286388.7 thousand USD in 2007, whereas for imports this figure accounts for 145334.5 thousand. USD.

The second presentation was delivered by the Head of Budgeting and Controlling department of Pro Credit Bank in Armenia which is a development-oriented full service bank and considered one of the success stories in financial sectors. The Pro Credit group consists of 22 banks operating in Eastern Europe, Africa and Latin America which are led and supervised by ProCredit Holding AG, based in Frankfurt, Germany. At the end the German delegation expressed its satisfaction and hopefulness for future fruitful cooperation between two countries.

1 mln tourists to visit armenia in 5-7 years

YEREVAN, November 23. /ARKA/. One million tourists will visit Armenia in 5-7 years, according to RA Minister of Trade and Economic Development Nerses Yeritsyan. "Tourism in Armenia grows by 20-25% annually. This tendency will continue in 2008 as well," the Minister said.
The Ministry of Trade is working on a new tourism development program which will be submitted to the RA Government by late 2007, according to Yeritsyan. AMD 250mln ($800,000) will be allocated for tourism development in 2008, including ads on CNN and EuroNews. According to the Mister, local sights will be beautified. 450,000 tourists will visit Armenia by late 2007, the RA Ministry of Trade reports. This will secure 20% growth of the sphere. 318,000 tourists visited Armenia in 2005 against 381,000 in 2006. Statistics show that a foreign tourist spends about $1,300-$1,400 for a week in Armenia (excluding the ticket price)


By the decision of the Prime Minister of Armenia, Mr. Tigran Sargsyan, Mr. Robert Harutyunyan was appointed as the General Director of the Armenian Development Agency. For this occasion, the Prime Minister, Mr. Tigran Sargsyan, the Minister of Finance, Mr. Tigran Davtyan, the chief economic advisor to the president, Mr. Vahram Nersisyants, visited Armenian Development Agency to present to the ADA staff the newly appointed general director.

Mr. Harutyunyan had previously worked as the executive director of Foreign Financial Programs Management Center in the Ministry of Finance.

Tigran Davtyan, Dr.rer.oec.

ADA staff wholeheartedly congratulates former General Director Mr. Tigran Davtyan on newly appointed position as the Minister of Finance of the Republic of Armenia. ADA staff wishes Mr. Davtyan good luck and success to endure this challenging and responsible post. With best wishes for a bright and fruitful future ahead!

ADA staff


Black Sea Trade and Investment Promotion Programme Presentation took place in the Armenian Development Agency on April 3rd, 2008. The Presentation was organized by the Armenian Development Agency, UNDP and Black Sea Economic Cooperation (BSEC) organization. The Programme, a joint initiative co-financed by Greece, Turkey, UNDP and BSEC and executed by UNDP aims at promoting investment and trade links as well as exporting local products within the BSEC region. Within the framework of the programs, business conferences, meetings, exhibitions will take place twice a year in the capitals of BSEC member countries. Mr. N. Yeritsyan, the Minister of Trade and Economic Development of RA, Ms. Consuelo Vidal, UN Resident Coordinator/UNDP Resident Representative, Mr. Giuseppe Belsito, United Nations Development Programme (UNDP) Regional Officer for the Mediterranean and the Black Sea and business development adviser, ambassadors of Black Sea Region in Armenia, government representatives, business union directors, business community representatives and other guests were participating at the event

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