2024-08-06 10:09:39
RA Minister of Economy Vahan Kerobyan received US Ambassador Extraordinary and Plenipotentiary to Armenia Lynn Tracy.
The meeting was also attended by Deputy Ministers Varos Simonyan, Narek Teryan, Deputy Ambassador Chip Leitine, USAID Armenia Director John Allello and other officials.
Vahan Kerobyan emphasized the importance of Armenian-American cooperation, emphasized the continuous support of the US government in the implementation of economic reforms and emphasized the effectiveness of already implemented and ongoing programs.
The minister referred to the “Exemplary Experiences of Armenia” evaluation criteria and standards developed for the tourism sector within the framework of the “My Armenia” program funded by USAID, emphasizing the importance of the work done. Informing that the standards have already been sent to the National Body of Standardization and Metrology for approval and implementation, he also added that thanks to the developed standards, the tourism sector will be significantly improved and an opportunity will be created to direct targeted tourist flows to Armenia.
The ambassador noted that Armenia has many attractions for both investment and tourism development, emphasizing the success of Armenia in the field of winemaking. He noted that he sees great development potential in the field of winemaking.
The minister also referred to the role of USAID in establishing the public-private sector dialogue, noting that a lot of work has been done in that direction, but there is still a lot to be done to reach the target milestone.
Presenting the economic part of the government’s plan, Vahan Kerobyan noted that it is planned to transition from a consumption-based economy to an investment-based economy. Among the programs to be implemented, the minister emphasized especially the programs aimed at attracting investments and supporting investors, the state policy aimed at the development of the financial sector, noting that the creation of venture funds is a part of it. This sector is already developing in Armenia, as evidenced by newly established venture funds.
Vahan Kerobyan emphasized Armenia’s membership in the Eurasian Economic Union, noting that Armenia can be a good platform for those American companies that would like to enter the markets of other EAEU member countries. In this context, he invited American companies to conduct economic activities in Armenia. The minister also offered to discuss the possibility of bilateral tax improvements for businessmen in the USA and Armenia.
Ambassador Lynn Tracy thanked the Minister for the reception and emphasized their readiness to continue cooperation and provide necessary support.
The ambassador agreed that it is necessary to facilitate the processes aimed at the development of business activities as much as possible, expressing his willingness to discuss the next steps aimed at the latter.
The minister also referred to the development of the small and medium entrepreneurship sector, the existing problems, and presented the vision of the sector’s development. Speaking about the lack of specialists in the SME sector, he informed that efforts are being made to adapt education to the needs of business, emphasizing the role of the US in terms of transfer of experience and expert knowledge in this context. The ambassador expressed his willingness to support the activities aimed at the development of the thunder within the framework of the “My Armenia” program.
Speaking about the investment environment, Vahan Kerobyan singled out the sectors that may be interesting for American investors, namely: solar energy production, pharmaceuticals, chemical industry, health care.
Speaking about the improvement of the investment environment in Armenia, the ambassador invited the Armenian side to participate in the online meeting organized by the US Department of Commerce on December 6, which will be attended by representatives of the American government institutions and the private sector interested in Armenia’s investment opportunities.
The parties also referred to the agreement on trade relations between Armenia and the USA. Both sides agreed to begin work to review and update it.
At the end of the meeting, the ambassador noted that there are many opportunities for cooperation between the two countries in the government plan. It was decided to carry out work on the discussed points with the participation of experts from both sides.