Armenian Development Agency, CJSC Council Session
     MARCH 3, 2010

  Council Session of Armenian Development Agency took place on March 3, 2010 chaired by the Prime Minister Mr. Tigran Sargsyan. Some issues оn the agenda were discussed during the session. ADA’s Reforms Conception was presented and approved. The General Director of ADA presented ADA’s 2009 annual report to the Council members, particularly noting that the Agency implemented the project preparation, potential investors research and the negotiations with them, information and organizational assistance as well as servicing to the investors.
  ADA’s action plan of 2010 which was one of the agenda’s topics was approved and it is projected that some essential projects will be implemented in the targeted sectors for investment attraction and export promotion. Talking about the activities performed by the Agency, the Prime Minister noted that although there is a notable positive progress, but the Agency should be more functioning and purpose-oriented, the objectives should be precise and the criteria should be more noticeable and the outcomes –more perceptible. According to the Prime Minister, the new methodology should be elaborated to make the activities more productive. The Role of Institution of Representatives was emphasized for information security and exchange, market research and investors’ research. In this context, Mr. Sargsyan emphasizes the importance of cooperation between the Embassies and its representatives through the Ministry of Foreign Affairs. Among other agenda issues, ADA’s budget for 2010 was approved.

  ARMENIA-LATVIA BUSINESS FORUM
     DECEMBER 11, 2009
  Armenian Development Agency in cooperation with Latvian Investment and Development Agency organized Armenia-Latvia Business Forum in the framework of the official visit of the president of Latvian Republic on December 10-11, 60 latvian businessmen representing different industrial sectors of Latvia are participating at the business forum.
 The presidents of both countries, as well as the ministers of Economy were present at the official opening of the business form and delivered their speeches.
 The business forum continued with the economic presentations by the presence of the General Directors of Armenian Development Agency, Mr. Robert Harutyunyan and Latvian Investment and Development Agency, Mr. Andris Ozols. The businessmen from Armenian and Latvian industrial sectors were taking part in the forum.

 The parties presented the business climate and potential cooperation development between two countries.
  There were also representatives from different industrial sectors- construction and building amterials, wood processing, energy, metal working and machine manufacturing, transportation and logistics, information technology and telecommunication, education, finance and consulting, textile, food industry, packaging, recycling, environment, pharmaceuticals, tourism.
  The trade turnover between two counties in 2008 made 11mln 283 USD, export-1mln 170 USD, import-10mln 113 USD.
 The total turnover from 2004-2008 was 19mln 433 USD.
  Main articles of trade in 2008:
 Export-Beverages, Spirits and Vinegar. Optical, Photographic, Cinematographic, Measuring Checking Import Railway Locomotives, Rolling Stock. Preparation of Meat, of Fish, of Crustaceans. Currently there are 64 enterprises with the Latvian capital operating in Armenia.

  ARMENIA-GERMANY BUSIENSS FORUM
     September 17, 2009

  The delegation headed by Mrs. Margaret Schteffel, the representative from Economy and Technology Ministry of the Republic of German Federation visited Armenia from September 17-19, 2009. The purpose of the visit is the business relationship development in agriculture, food, renewable energy sectors.
  Armenian Development Agency is the organizer of the above mentioned visit. In the framework of the visit, Armenia-Germany Business Forum was held business to business meetings between Armenian and German businessmen, as well as site visits to local companies and enterprises took place.
  The trade turnover between two countries in 2008 has made 438.9 mln USD (export-183,7mln USD, import-255,2 mln USD.
  In 2008 the main exporting articles were – Iron and Steel, Coppers and Articles other base metals employed in metallurgy, whereas in 2008 the main importing articles were – Manmade Fibers (discontinuous), Electrical Machinery and Equipments, Vehicle other than railway or tramway rolling, optical, photographic, cinematographic measuring checking.

  ARMENIA-SPAIN BUSIENSS FORUM
     September 9, 2009

  Armenia-Spain Business Forum took place on September 9th, 2009 organized by the Armenian Development Agency.
  The purpose of the business forum was to promote and improve the relationships between Armenian and Spanish businessme, to develop economic relations more efficiently between two countries, as well as to introduce the foreign investors Armenia’s economy in different industrial sectors and available investment opportunities.
  Representatives from Armenian and Spanish companies of different industrial sectors such as telecommunication, information technology, tourism, construction, industrial waste treatments, renewable energy and other sectors were participating at the forum.
  In the framework of the visit, spanish businessmen helf business meetings with the ministers of Economy, Energy, Transportation and Communication, Urban Development and discussed implemented projects in public-private partnership and available investment opportunities.
  The press conference was also held during the forum. The keynote speakers were minister of Economy, Mr. Yeritsyan, General Director of Armenian Development Agency, Mr. R. Harutyunyan, President of Chamber of Commerce of Castellano, Mr. Salvator Marti and Head of Department of Foreign affairs, Mr. Joaquin Sanchez.

  BLACK SEA PARTNERSHIP FORUM ON MANAGEMENT AND BUSINESS CONSULTING SUPPORT SERVİCES “SYNERGIA”, July 31st, 2009

  Presentation of Black Sea Partnership Forum on Management and Business Consulting Support Services “SYNERGIA” took place at the Armenian Development Agency on July 31st, 2009.
  Organised by the UNDP, Black Sea Trade & Investment Promotion Programme (BSTIP) will take place in Athens on 15th of October, 2009.
  Armenian Development Agency is the focal point of the Black Sea Trade and Investment Promotion Programme (BSTIP).
  Companies operating in Management and Business Support Service sector from Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey and Ukraine can register for the Forum by sending the company profile form till September 16th, 2009 at dita.daniela.drone@undp.org
  Registered companies will benefit from a series of one-to-one meetings arranged on the basis of a prior screening of the company profiles submitted by participants. The individual meetings will provide a unique opportunity to find new clients and a platform for discussing business opportunities as well as other options such as joint-ventures, transfer of know-how and networking arrangements.
  The BSTIP is a unique initiative jointly co-financed by the Hellenic Republic, the Republic of Turkey, the United Nations Development Programme (UNDP) and the BSEC (Black Sea Economic Cooperation Organization). The main objective of the programme is to promote the regional economic integration process among the BSEC Member States.

  ITDSC Session, July 29th, 2009

  ITDSC session was held in the government of RA on July 29th, 2009. The session was chaired by council chairman, Prime Minister, Mr. Tigran Sargsyan. The council reviewed the status of the assignments given at the previous session.
  In particular the ways for facilitating the process of business formation by newly established IT companies were discussed. With this regard, the “one stop shop” scheme needs further improvement. The President of Information Technology Fund Mr. G. Chugasizyan advised the ITF to develop a concept note and a detailed action plan for e-content. The council took note that efforts are underway towards introducing a system of e-government. This issue will be included in the next meeting's agenda.
  A provisional solution was given to the decision to modify paragraph 3, article 9 of the RA Law on Defense. The corresponding drafts as forwarded to the ministries of defense, transport and communication were said to be in the process of discussion.
  The meeting has similarly reviewed the package on improvement of customs services. IT Enterprise Union Director K. Vardanyan outlined the list of priority issues over which talks are underway with the Customs Committee. Prime Minister Tigran Sargsyan suggested setting up a corresponding task force to enhance cooperation efficiency.
  RA Minister of Education and Science A. Ashotyan reported that facilities are being designed for different types of academic study. A preliminary draft will be completed within one month to for submission to the government.
  Next, the council looked at the status of the One PC for Each Household program. A pilot project is scheduled for implementation in a number of urban settlements under which households will receive software along with the hardware. A corresponding task force will continue to research the market.
  The agenda included discussion of the program on teaching computer skills in high schools. The Prime Minister assigned to the Minister of Education and Science to design a program of mandatory computer teaching procedure for high schools as well as to monitor the process of student certification.
  In conclusion, the council discussed internet management and infrastructure development-related issues. It was decided that all relevant proposals will be heard at the next council meeting.
  The Minister of Economy, Mr. Nerse Yeritsyan talked about an interntional forum on the formation of electronic society which is scheduled to be held this fall aimed at promoting IT sector and bringing it closer to the public-at-large in Armenia. The National Academy of Sciences will host a symposium in the framework of the Month of Information Technologies.

  WorkShop on Investment Projects Preparation, July 21-24th, 2009

  As an outcome of the discussed project on “Armenwal Facilitating Industrial Partnerships between Armenian and Walloon (Belgium) Entrepreneurs”, Philippe Siunen, General Director of Foreign Trade and Investment Agency in Wallonia, and UNIDO together organized a seminar on investment project preparation and promotion which took place in the Armenian Development Agency. The seminar was conducted by the UNIDO consultant, Mr. Stanislav Pigon.
  The topics of the seminar included-financial, technical and economical analysis, pre investment and feasibility studies, investment projects promotion, UNIDO’s role and approaches.
  The Investment Appraisal Software Program COMFAR was introduced to the attendees which will enable to elaborate investment projects according to the international standards and present them to UNIDO office-to attract potential investments. The participants of the seminar represented public and private sectors.

  ARMENIA-ESTONIA BUSINESS FORUM, June 11, 2009

  Armenian Development Agency organized Armenia-Estonia Business forum in the framework of the official visit of the Minister of Estonia, Mr. Urmas Paet to Armenia.
  The minister of Economy of RA, Mr. N. Yeritsyan, Minister of Foreign Affairs of Estonia, Ambassador of Estonia to Armenia Mr. Toomas Lukk (residence Tbilisi), Counselor to the Minister, Director of Development Cooperation Division, Desk Officer of Eastern Europe and Central Asia Division, Desk Officer of Economic Analysis and Business Diplomacy Division, Desk Officer of Embassy of Estonia in Georgia, Estonian businessmen were participating at the forum.
  10 Business Companies arrived from Estonia and they had business meetings with Armenian businessmen.
  The companies represented the following sectors: Legal advisory services, supplier research, purchasing agent services; Estonian fuel retailer; automotive fuels import, wholesales, retail interior design and furniture shop, manufacturing pastry and dairy products; manufacturing chocolate, sugar and flour confectionery products; passenger transportation by trains and busses, commercial real estate development, water supply and sewage systems; heating and cooling systems; solar panels; strategic planning of information technology developments in the public sector.; Manufacturing, delivery and installation of custom designed or custom engineered hotel furniture (built in and loose furniture), construction design architecture consultancy, etc.
  Relations between Estonia and Armenia are stable and good, but not optimally developed mainly because of the lack of bilateral business contacts. Diplomatic relations between Estonia and Armenia were established on 23 August 1992.
  Economic relations between Estonia and Armenia are modest; investments in one another’s economies are essentially non-existent. Both Armenia and Estonia are interested in developing economic relations between the two countries as well as intensifying trade relations.
  The trade turnover in 2008 made 1155.7 thousand dollars, (export 725.4 thousand dollars, import- 430.3 thousand dollars): The main exporting products are food products, beverages and importing products: food products, beverages, metals, chemicals.
  The minister of Economy of Armenia and Minister of Foreign Affairs of Estonia had welcome speeches. They expressed hope to develop and strengthen the bilateral trade and economic cooperation between two countries.
  Presentation was made in ADA on Armenia's investment climate.

 ArmTech Congress’09, the Global High Tech Industry Conference of the Republic of Armenia, Comes to Silicon Valley November 5-8, 2009

 YEREVAN, Armenia and LOS ANGELES, California, USA - June 1, 2009
 The Armenian high tech industry Conference (ArmTech) announced today, in parallel press conferences, that it will hold its 2009 conference for showcasing the global high tech industry capabilities of the Republic of Armenia from November 5 through 8 in Silicon Valley, California. ArmTech Congress ’09 will take place at the Fairmont Hotel in San Jose, California. This is the third annual ArmTech Congress conceived under the theme of “learning from the past and inventing the future.” The event is designed for professionals interested in engaging the global Armenian community and the rapidly rising High Tech Industry sector in Armenia. More information is available at www.armtechcongress.com.
 ArmTech Congress ’09 will take place under the high patronage of the prime minister of Armenia. The government of the Republic of Armenia (RA) stresses the importance of ArmTech Congress as a platform to discuss, plan and execute policies and actions to keep Armenia on its current path of steady technological and economic achievement, and increasing global recognition as one of the fastest growing high tech destinations in the world. ArmTech Congress provides an unmatched opportunity to obtain business and professional information, and to connect with government representatives, major players in the financial and services sectors, and leading academics from Armenia, the U.S. and elsewhere around the world.
 The three-day program includes general sessions and breakout tracks that address critical high tech industry topics. Keynote speakers include His Excellency Tigran Sargsyan, the prime minister of the Republic of Armenia, other government officials from Armenia and the U.S., senior executives from the high tech industry and officials from academia.
 “The achievements of Armenia’s high tech industry in recent years, as well as the essential need to advance the technological Armenian community, urge us to improve communications and cooperation among professionals in high tech, establish international business skills and perfect advanced high tech Industry composition. We must also develop new contacts and business opportunities to create compatible, comprehensive operations that improve Armenia’s business and information high tech industry environment,” said RA Prime Minister Tigran Sargsyan.
 “I am hopeful that ArmTech Congress will possess constructional character and unite allies who, as a result of their discussions, will introduce advanced concepts and new approaches and solutions for the high tech sector. This sector’s evolution is significant, especially during the recession. I am sure it will greatly promote knowledge-based economic development in Armenia,” said RA Minister of Economy Nerses Yeritsyan.
 “I encourage the organizers, participants and guests of ArmTech Congress ‘09 to maximize the significant opportunities the conference will provide to discuss Armenia’s current achievements and future developments in the high tech sector. This sector has high potential and the event will undoubtedly promote cooperation among Armenians, Diasporans and international companies, as well as future investments,” said Robert Harutyunyan, general director of the Armenian Development Agency.
 “ArmTech is honored to receive the support of his excellency the prime minister, other dignitaries and speakers, the committee members, the participants and the media for ArmTech Congress ’09. We return to Silicon Valley this November to further strengthen and highlight the significance of the synergy between Yerevan, which strives to become a high tech market leader, and Silicon Valley, which is already the acknowleged world leader,” said Tony Moroyan, co-founder and co-chairman of ArmTech Congress, and a high tech industry executive.
 “The first two ArmTech Congresses have established ArmTech as a substantial force in positively shaping the future of Armenia’s high tech sector. ArmTech provides a forum for business, government and academia to come together and really make a difference,” said Rich Goldman, co-founder and co-chairman of ArmTech Congress, and a high tech industry executive. “In bringing these areas together, ArmTech is establishing a high tech business platform that serves as a blueprint for progress and accountability. This November, we will review the progress on this platform and continue to move forward on establishing Armenia as a globally recognized high tech destination. This year’s ArmTech holds the promise of exceeding the achievements of the first two events.”
 The continuing growth of the High Tech Industry sector in Armenia, combined with the expansion of the global Armenian High Tech Industry community, has created the need for a professional forum to improve communications and cooperation among Armenian high-tech professionals and executives. ArmTech Congress is the response to this need. The RA officially adopted ArmTech Congress in 2008 as its global high tech industry conference, affirming its role as a platform for fulfilling the combined vision of Armenia’s high tech industry community, academia and government. ArmTech delivers an ideal mix of international business insights and networking channels to leverage opportunities for professionals and enterprises. Past ArmTech events in 2007 (San Francisco, CA) and 2008 (Yerevan, Armenia) have featured presentations of Armenia’s High Tech Industry achievements and challenges by numerous operating companies, service providers, academic institutions and government officials from around the world.
 About ArmTech Congress
 Headquartered in Silicon Valley, ArmTech Congress, this Global High Tech Industry Conference was founded by High Tech Industry and business professionals to foster professional growth in the worldwide Armenian high tech community, and to promote the growth of Armenia’s rapidly rising high tech industry. The organization welcomes liaisons with other entities that are similarly aligned and has no political affiliations. Building on the success of ArmTech ’07 and ArmTech ’08, the development of recurring international high tech industry and business conferences is the current focus of the organization. ArmTech’s goals include: Provide networking and community resources for Armenian high tech professionals; showcase the global contributions of Armenian professionals in high tech and allied fields; attract global participation by individuals and entities that can benefit from involvement with the Armenian high tech community; promote opportunities to do business, recruit and invest in Armenian high tech; highlight the rise of Armenia’s strategic high tech industry; and promote international interactions and investments for further growth. For more information, please visit www.armtechcongress.com.

 Armenia-Belgium Business Forum, May 25-26, 2009

  Belgian Business Delegation on economic mission arrived in Armenia from Wallonia, one of the leading states in Belgian Kingdom to participate at the Armenia-Belgium Business Forum organized by Armenian Development Agency.
  The delegation was headed by General Director of Foreign Trade and Investment Agency in Wallonia, Mr. Phillipe Siunen, Ambassador of Belgian Kingdom in Armenia, Mr. Charles Ghislain and Economic and Trade Attache, Mr. Ivan Korsak.
  11 companies and organizations arrived in Yerevan to participate at the forum. Business meetings will take place and perspectives of economic cooperation and development between 2 countries will be discussed.
  Within the framework of the visit, the program proposal of «Armenwal Facilitating Industrial Partnerships between Armenian and Walloon (Belgium) Entrepreneurs» which will be implemented in close cooperation with UNIDO will be discussed.
  Talks will be held on improvement of Bilateral trade and investment issues between Armenia and Wallonia.
  The business delegation included following organizations and companies: lighting systems; agriculture/farming, marketing and organizing events; accounting; insurance companies; internet suppliers. Note, that Ozone, an internet supplier operates in Gyumri; transport and logistics; chamber of commerce and foreign trade agencies.
  At the end of December 2007, Belgian delegation headed by Charles Ghislain arrived in Armenia and the Belgian companies had the opportunity to get acquainted with country's economic policy and business opportunities. The Belgian foreign direct investments in Armenia in 2008 made 3.6 mln dollar (2,5%) and the trade turnover in 2008 made 18,6mln dollar, the export made 9,1 mln and import 9,5 mln dollars.

 UNIDO EXPORT CONSORTIA DEVELOPMENT PROGRAMME AND CHEESE EXPORT PROMOTION PROGRAM PRESENTATION

 On May 21st, the presentation of UNIDO Export Consortia Development Program and Cheese Export Promotion Program by ADA took place in the Armenian Development Agency.
 Fabio Russo, the Senior Industrial Development Officer from UNIDO made a presentation on Export Consortia.
 An export consortium is a voluntary alliance of firms with the objective of promoting the export of goods and services of its members through joint actions.
 Small and medium enterprises (SMEs) usually have difficulty exporting to foreign markets: these problems can often be overcome through cooperation among SMEs. SMEs can significantly improve their export potential and reduce the costs and risks involved in penetrating foreign markets.
 An export consortium is a formal organization to promote medium- to long-term strategic cooperation among firms, and it organizes joint activities to facilitate access to foreign markets. Most consortia are non-profit entities, and members retain their financial, legal, managerial, and commercial autonomy.
 UNIDO can assist developing countries by:
  1) Supporting the creation of export consortia in different sectors;
  2) Training national promoters of export consortia, in the public or private sectors;
  3) Promoting a favorable institutional and regulatory environment for the development of export consortia;
  4) Benchmarking of international practice.
 UNIDO has also forged a strategic knowledge partnership with FEDEREXPORT, the Italian Federation of Export Consortia, which has the broadest experience in the world for developing export consortia and for promoting relevant regulatory frameworks.
 In the frameworks of Export Consortia Development Programme, UNIDO will facilitate the proposal made by Armenian Development Agency about Cheese Export Promotion program which was approved by the Prime Minister of RA.

 Cheese Export Promotion Programme
 The main purpose of the project is to extablish a productive structure which will promote the continuous development of the sector thanks to the targeting markets expansion and export volume growth.
 The establishment of professional structure and the formation of joint brand can be considered any circle that will support with new markets and consumers to the small and medium enterprises. The structure or logistic center will implement all the laboratory studies, packaging of joint trademark, marketing activity and export.
 In the framework of the program, Centralized trade company, hereafter Company, will be established. The main purpose of it will be to assist in stable growth of export volume and formation of All-Armenian trademark, implementation of continuous strategy based on the significances of potential markets.
  The company will study the deman of external markets, discover potential buyers and in case of demand, will present corresponding orders producer companies-presenting clear-cut demands on quantity and quality. The produced cheese will be delivered to the company's production territory where the the quantity and quality attribution will be checked, packaging, labeling and future warehousing works will be performed.
  The company will have a status of Closed Joint Stock Company. As a shareholder, the State and the Joint company established by eligible companies from private sector, i.e. association. The main purpose of the association will be the assets presentation and defense, as well as implementation program of companies development.

  BUSINESS SUPPORT COUNCIL SESSION, April 21th, 2009

  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.

  BUSINESS SUPPORT COUNCIL SESSION, April 8th, 2009

  Business Support Council Session took place on April 8th, chaired by the council head, Prime Minister Mr. Tigran Sargsyan.
  The Council managed to review the status of dozen of assignments issues from previous session. Mr. Harutyunyan, the Council Secretary and the Director General of Armenian Development Agency reported that these assignments have been fulfilled on time. It has been noted that the Ministry of Finance considers it practical to further improve the regulations concerning the settlement of import-related VAT arrears. As a priority task, the Ministry suggested to take up the matter under the draft Special Part of the RA Tax Code.
  Regarding the second proposal by the Director General of Electro-Device OJSC and the Executive Director of Armenia Copper Program CJSC, Deputy Minister of Finance Suren Karayan was instructed to hold another discussion with the initiators of the proposal and report back its outcome to the Council during the next meeting.
  Suren Karayan and Deputy Head of State Revenue Committee by the Government Armen Alaverdyan will discuss once again the proposals submitted by the Executive Director of Armenia Copper Program CJSC concerning the process of providing incentives for tax and customs officers, as well as regarding the elimination of the existing direct correlation between the sums collected as a result of irregularities identified with taxpayers and the proceeds of tax inspectors’ material incentive fund.
  With reference to the package of research-based proposals on improved VAT application procedures within the banking system, the President of the Armenian Bankers’ Union was told to take up the matter once again with the Ministry of Justice, the State Committee on Immovable Property Cadastre by the Government and the RA Police in order to report back the outcome during the next meeting.
  The session got postponed and the rest of the agenda items will be discussed during the next meeting

 ARMENIA-SWEDEN BUSINESS SEMINAR

  In the framework of Secretary of State for Trade of Sweden, Mr. Gunnar Wieslander’s visit to Armenia, the Swedish side organized a business seminar and Armenian Development Agency undertook its official organizing of the event.
  The Business Delegation of Sweden is visiting along with Mr. Wieslander. The following Swedish companies are joining the delegation-ABB (infrastructure sector), Ericsson (telecommunication and infrastructure sector). SEK-Swedish Export Credit Corporation (finances and subsidy sector), Swedfund (finances and subsidy sector), EKN (finances and investments), ITT-Flygt (infrastructure and construction, SWECO (energy and environment protection sector) Nasdaq OMX (stock market) and Getinge (medical sector).
  The representatives from Armenia will be participating at the business seminar and round table discussions-Civil engineering, power network construction, manufacturing Energynetconstruction”, medical equipments export and import “Meditech”, medical center “Nairi medical center”, information technologies “Union of Information Technology enterprises” manufacturing of blister cooper, metallurgical slags “Armenian Copper Program”, tecelmmunication, fiber communication lines “Armenian Datacom Company”, road and bridges construction “Dorojnik”, “Kamurjshin”.
  Introduction to Armenian Economy and political outlook were presented. The round table discussions include, projects of IMF, infrastructure initiatives, energy, environment, IT- sector, Business Culture and investment climate, import-export legislation, trade with EU countries, tax Legislation, banking sector, etc.
  Two companies operate in Armenia with Swedish capital-Nasdaq OMX Armenia, OJSC and “Atlas Copco Central Asia” Ltd, Armenian branch.
  In 2006-2008 the trade turnover with European Union made 3,629,550 USD, with Sweden during the same period 75,169.20USD.
  Export-in 2008 tobacco, alcoholic beverages, machinery and mechanical equipment were exported to Sweden.
  Import-machinery and mechanical equipment, essential oils, retinoids, products from iron and steel, transportation means

 ROUND TABLE OF BUSINESSMEN

  Armenian Development Agency organized a Round Table for the official delegation from Sverdlovsk region on February 20th.
  In order to develop trade-economic relations between Armenia and Sverdlovsk region the general director of ADA visited Sverdlovsk region last December to thoroughly observe the mutually beneficial cooperation possibilities and main trends. During his visit several business meetings took place, including meeting the representative of Armenian community in the region and arrangements were made to use all the potential of Armenian businessmen to promote the Armenian products in the market. In the framework of participating at the “Bridge” international economic conference the delegation from Sverdlovsk region along with businessmen participated at the Round Table of Armenian and Sverdlovsk region businessmen.

  The official delegation was headed by the Minister of international and foreign economic relations, Advisor to the prime minister and other major businessmen.
  The following sectors are expected to come up with the cooperation and sign agreements- mining, construction, food industry, medical equipments, alcoholic-non alcoholic beverages, textile and electronics.

 DLC COMPANY ADVISOR FROM ITALY VISITS ADA

  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.

  ADA COUNCIL SESSION

  Armenian Development Agency's council session took place on January 16th, chaired by council chairman, prime minister, Mr. Tigran Sargsyan.
  The council discussed and approved ADA's action plan for 2009. Presenting the projected annual activities, the general director of ADA, Mr. Harutyunyan stated, that based on the previous session assignments, the profile of activities has been revised and certain activities have been included along with its expected outcome, the purpose and the person responsible. In the suggested document, interesting investment proposals are included which will be elaborated.
  The activities will be directed towards promoting investment and export, improving business and investment climate, IT sector improvement and its development support.
  According to the action plan, exports will be promoted by assisting export potential enterprises with the development and implementation of development-oriented and marketing projects, drafting and execution of new export-related projects, as well as with the studies carried out on domestic and foreign market demands and enterprises.
  For improving IT sector, continuous efforts will be executed with the business and IT sector communities, including working groups to define the existing barriers and the estimation of its elimination and relevant proposal elaboration, the discussion and activities approval in the Business Support and IT development council.
  At the end, the council discussed and approved ADA'’s budget for 2009.

  INVESTMENT PROJECT PRESENTATION, December 16th, 2008

  Major investment project presentation “Lake Resorts Masis, Sis and New Armenia” was held in the Armenian Development Agency on December 16th, 2008.
  High officials, including ministers of Diaspora, Labor and Social Affairs, vice ministers of Finance, Agriculture, Economy, governor of Kotayk region, Chairman of Armwaterproject, Regional representative of World Bank and others were participating at the presentation as well.
  The investment project has been approved by Ministry of Economy of Armenia, Armenian Development Agency has worked jointly with AVA development group on the investment project. The project’s director is American Armenian businessman Mr. Armen Vartanian with a 20 year experience in business development and real estate sector.
  The investment project will promote tourism development in Armenia. The investment of this scale will encourage the implementation of smaller projects-creating thousands of jobs which is critical for Armenia. The implementation of this project will ensure the international and local tourism development, creation of jobs and continuous maintenance, productive usage of natural resources, agricultural development for Yerevan and surroundings.
  The reservoir and resort complex construction is projected to be completed in fall 2014 so it can host the guests and special events dedicated to the 100th anniversary of Armenian Genocide taking place in 2015. The cost price of the entire complex, including reservoir's construction will be approximately 300 mln US dollar. Individuals purchasing the suits will support to the project’s funding.
  Because of the financial crisis, “MGM Mirage” company has moved out its operations outside the states, signing two major similar investment projects management contracts in Vietnam and Dubai. Armenia can be the third country where the company can attract the management of the similar project-investing not the financial means but the long term experience and knowledge skills. MGM Mirage company’s management fact will immediately be attractive to the investors and buyers of the hotel suits.

  EVD and PSI representatives visit ADA to meet with Armenian companies

  The Investment Servicing Department of Armenian Development Agency organized a workshop for the Armenian businessmen to meet the EVD and PSI representatives for the future joint cooperation with Dutch companies.
  There were 8 Armenian companies participating at the workshop and introduced different industrial sectors-fashion, textile, food, stone processing, dried fruits.
  EVD representative talked about their mission providing detailed information on EVD. It supports businesses and public organizations active in the areas of international commerce and development cooperation. It disseminates information on foreign markets, by promoting Dutch business interests abroad and by providing individual advice. Its mission is to promote and encourage international business and international cooperation. As a State agency and a partner to businesses and public-sector organizations, the EVD aims to help Dutch entrepreneurs to achieve success in their international operations.
  There was powerpoint presentation by PSI representative as well. The Private Sector Investment Programme (PSI) is a programme of the Dutch government that supports innovative investment projects in emerging markets in Africa, Asia, Central and Eastern Europe and Latin America.
  The programme stimulates innovative pilot projects in commercial sectors, with the ultimate goal of strengthening the local private sector. The workshop participants exchanged the viewpoints with the Dutch representatives and expressed hope for the successful future joint cooperation.

  ADA COUNCIL SESSION

  ADA council session took place on November 25 in the Government house chaired by the council chairman, prime minister of RA, Mr. Tigran Sargsyan.
  The council discussed Alternative incentives of Armenia's investment climate improvement; ADA's 2009 working plan; Agency's activities' assessment.
  The council also talked about "Armtech" high technology annual congress organizational issues, "Shanghai expo 2010" World Expo organizational issues.
  The Prime Minister emphasized more business, objective approach with potential investors presenting certain proposal discussions taking into account the implementation of perspective proposals and supporting the willingness of Government of RA.
  Corresponding assignments were delivered regarding the discussed issues.

  Armenian Iranian Business Meeting

  Armenian Development Agency received the business delegation members from Ilam province of Islamic Republic of Iran. The purpose of the business meeting was to develop trade-economic relations between the province and Republic of Armenia as well as expand the established relations. The delegation was leaded by the president of Trade Organization of Ilam province, and among delegation members were representatives of trade and marketing field-electronics head of export and trade development marketing, silk threads producer, best exporters in goods (4 companies), construction materials exporter, handmade carpets exporter, household appliances exporter, fruits and vegetables exporters (4 companies), vice-chairman of Trade and Mining Industry Chamber of Ilam Province.
  The General Director of ADA, Mr. Robert Harutyunyan welcomed the guests, noting that the two countries are in a very close relationships which will promote economic relationships in trade and investment between two countries.
  Iranian businessmen became acquainted with Armenia’s economic growth, investment profile and other future that possess big potential. There are 3700 enterprises with the foreign capital in Armenia and the 30% of them are Armenian-Iranian joint ventures. Mr. Harutyunyan talked about the taxation and customs reforms programs on behalf of the government.
  The president of Trade Organization of Ilam Province presented the brief description about the province. The province is located in Iran’s south-western part bordering Iraq. For the last few years investments in petrochemical facilities were performed with Japan’s assistance. Ilam Province has a big potential in tourism development sector. The province is a reliable gateway for the future economic developments.
  The Iranian side invited the general director to visit Ilam Province of Iran to get thoroughly introduced to the potential of the location.

  Business Support Council session took place on Nov. 19th, chaired by the council head, Prime Minister Mr. Tigran Sargsyan.

  The secretary of BSC, General Director of Armenian Development Agency, Mr. Robert Harutyunyan presented the council members the rotation results of new 8 members approved by the council.
  According to the report, the executive directors of “Armenian Copper Program” and “Ameria”, council chairman of “Yerevan Gold factory, General Directors of “Electrodevice” & “Tosp” textile factory, “Rusal Armenia”, “Likvor” pharmaceutical company as well as the chairman of “Armenian Banks Association” are the newly selected members. It was proposed that “Union of manufacturers and businessmen”, “Armenian Banks Association” to be council members on permanent basis.
  The council also endorsed the formation of 3 working groups upon necessity. The vice-chairman Mr. Vahram Nersisyants proposed to form groups of export and investment attraction support and promotion issues, tax and customs regulations and standard documentation elaboration, other sectors controlling the business environment (cadastre, construction, register, copyright, court, land allocation and usage) which will improve the administration issues. Besides the council members, representatives from public sectors as well as other interested organizations will be involved.
  The BSC secretariat will be in charge to form the working groups, as well as to select the candidates as group supervisors and present it to the upcoming BSC session for approval. The BSC took note of conclusions to be discussed in the state bodies about the proposals driven from BSC secretariat and business community members about Armenia's business and investment climate improvement and development, as well as Armenia's tax administration strategy for 2008-2011 and the timeline of its activities.
  According to the reference presented by BSC, conception proposal of tax administration perfection and actions timeline was provided to the 50 organizations that represent BSC business community and was requested to get back to BSC secretariat with the proposals of business climate development without obstacles.
  Also discussions were held about Armenia's economic resistance increase during the global recession, and the actions to be taken by the government to ease the crisis. The prime minister restated government's willingness to support all the constructive proposals, proved projects that will be presented for benefit. The members of the council were informed about the negotiation process of attracting means of World Bank and other financial institutions during the recession period.
 The Press Center of RA Government

  Seminar organized by Kotra in Korea, November 13-14th, 2008

  Investment Promotion Director of Armenian Development Agency, Mrs. Natalya Artsruni was invited to Korea to participate at the seminar organized by Korean Trade-Investment Promotion Agency (KOTRA). There were also 600 Koreans registered to participate at the event.
  Government representatives from Ukraine, Belarus, Tajikistan, Kyrgyzstan, Azerbaijan, Armenia and 12 speakers were invited to deliver speeches on investment climates in their countries.
  In the framework of a two day seminar, major companies of the Republic of Korea were invited as well as individual business meetings were held with the registered participants. Mrs. Artsruni made a powerpoint presentation and introduced the guests with the Economic growth, investment climate and the big potential of economic perspectives of Armenia.

  ArmTech'08 Links Armenian Professionals from Around the World to Develop a Global Focus in High Technology

  Armenia has the potential to become an investment destination for the high tech industry
  YEREVAN, Republic of Armenia and MOUNTAIN VIEW, California, USA – September 26, 2008 – ArmTech Congress'08, adopted as Armenia's Global High Tech Industry Conference, will be held on October 4-5 in the Marriott Hotel in Yerevan, Armenia. The event will provide effective networking among high tech professionals interested in engaging in the global Armenian community and the rapidly rising technology sector of Armenia.: careers, collaborations, investments, and resources.
  ArmTech Congress'08 is the second high tech industry conference for professionals interested in the global Armenian business community and the rapidly rising technology sector of Armenia: The Congress delivers an ideal mix of international business insights, advanced discussion of industry trends and issues, and networking channels to leverage the opportunities facing professionals and enterprises in the community.
  The conference will be held under the official auspices of the Prime Minister of the Republic of Armenia and is supported by the Ministry of Economy of the Republic of Armenia, leading high tech industry companies, academia and international organizations.
  The ArmTech Congress’08 program features keynote talks, technical and business papers and panels from industry and academia. Scheduled keynote speakers include His Excellency Tigran Sargsyan, the Prime Minister of the Republic of Armenia, and other high level officials from the Armenian government; executives from operating corporations in Armenia such as Synopsys, Inc. and university representatives; as well as counterparts from the U.S. and other countries. More than 50 people invited from abroad to participate at the ArmTech Congress'08 will deliver speeches and presentations during the panel discussions.
  The ArmTech'08 Global High Tech Industry Program:   

  ARMENIA CZECH BUSINESS FORUM

  An Armenian-Czech business forum took place in Golden Tulip Yerevan Hotel organized by Armenian Development Agency on September 12th, 2008. The President of the Senate of the Czech Republic Parliament, Mr. Premysl Sobotka, arrived in Yerevan to meet with his counterpart, Armenia's National Assembly's president, Mr. Tigran Torosyan.
  The General Director of ADA welcomed the guests noting that the business cooperation between two countries started about 2 months ago, when the Minister of Foreign Affairs of Czech Republic, Mr. Schwarzenberg arrived in Armenia with the Czech businessmen, representing different industrial sectors to participate at the Armenia-Czech business forum. This visit provided an opportunity for wider range of business companies. The General Director offered ADA’s support for Czech businessmen for further activities in Armenia.
  Czech businessmen represent different industrial sectors: supply and specialized sell in the field of meter equipment, supply of arms, full package of banking services, crediting, production of plastic vessels and PVC and eliminators for water cooling towers, supply of new trams, supply of Czech wine, legal support, high pressure pumps, electricity cable for pipeline fittings, support to Czech companies for developing cooperation with partners from Russia and other NIS countries, organization of missions of representations, conferences and seminars. They will be meeting Armenian businessmen for more fruitful, business cooperation.
  The Senate's President stated in his speech that vice president of Trade Chamber of Commerce of Czech Republic as well as vice minister of Finance are among the delegation members which is the proof that the business cooperation will flourish and open a new path for the two countries.
  13 Czech companies arriving from Czech Republic met with 55 Armenian companies and had 49 business meetings. 5 site visits took place during day.

  ArmTech Congress '08 Highlights the Rise of Armenia's Strategic High Tech Industry

  International Armenian Interests Converge on Developing Knowledge-Based Economy
  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."
  The continuing growth of the technology sector in Armenia, together with the expansion of the global Armenian technology community, has created a need for a professional forum to improve communications and cooperation among Armenian high-tech professionals and executives. The ArmTech Congress is the response to this need. ArmTech delivers an ideal mix of international business insights, advanced technology content, and networking channels to leverage opportunities for professionals and enterprises in the community. With its wide range of technology and business sessions, ArmTech Congress offers the opportunity to share information, identify new business opportunities, make new contacts, and create valuable extended professional networks. The program of ArmTech Congress '08 has been designed to directly address these objectives.
  ArmTech Congress'08 will be attended by high tech industry successful leaders from the U.S.A., Russia and Europe. Armenia will be represented by government officials, international organizations and representatives from academia, as well as experienced professionals from leading Armenian high tech companies.
  "Armenia holds great potential, but we continue to be impacted by major and unnecessary challenges that greatly reduce the attractiveness of Armenia for Foreign Direct Investment. A progressive, forward thinking government can go a long way toward making Armenia an investment destination. ArmTech Congress offers a venue for a gathering of business, government and academic thought leaders to openly discuss the issues and challenges, and agree to actions that will strengthen Armenia's business and IT environment, making Armenia truly competitive in the IT sphere,” said Dr. Rich Goldman, vice president of Corporate Marketing and Strategic Market Development at Synopsys, and CEO of Synopsys Armenia. "Challenges exist in all three areas; government, academia, and business, and we must work together to resolve them and develop ideas that will lead to the accelerated economic development of Armenia. ArmTech gives us this opportunity."
  About Armenian Technology Congress
  Headquartered in Silicon Valley, the Armenian Technology Congress was founded by technology and business professionals to foster professional growth in the worldwide Armenian technology community, and to promote the growth of Armenia’s rapidly rising technology sector. The organization welcomes liaisons with other entities that are similarly aligned and has no political affiliations. Building on the success of ArmTech ’07, the development of repeatable international technology and business conferences is the current focus of the organization. For more information, please visit www.armtechcongress.com.
  About ArmTech Congress '07
  The first Armenian Technology Congress, ArmTech Congress '07, took place in San Francisco, in California, USA on July 4-7, 2007, at the Fairmont Hotel. Designed to promote professional networking and valuable connections for operating companies and entrepreneurs, the event, attended by nearly 300 participants, featured presentations of the technology achievements and challenges of Armenia by numerous operating companies, service providers, academic institutions and government officials from the U.S., Armenia and around the world.

  ArmTech Congress is Adopted as Armenia's Global High Tech Industry Conference

  ArmTech Congress'08 will take place in Yerevan, Armenia on October 4-5, 2008. Under the Patronage of the Prime Minister of Armenia
  YEREVAN, Republic of Armenia and MOUNTAIN VIEW, California, USA – August 19, 2008 – The Armenian Technology Congress (ArmTech) announced that ArmTech Congress ’08, a global high-technology-focused event, will be held in Yerevan on October 4-5, 2008, at the Marroitt Hotel. This is the second in a series of high technology congresses and exhibitions envisioned under the banner of “Learning from the past and inventing the future.” The event is designed for professionals interested in engaging in the global Armenian community and the rapidly rising technology sector of Armenia.
  The first Armenian Technology Congress, ArmTech Congress ’07, took place in San Francisco, in California, USA on July 4-7, 2007, at the Fairmont Hotel. Designed to promote both professional networking and valuable connections for operating companies and entrepreneurs, the event featured presentations of the technology achievements and challenges of Armenia by numerous operating companies, service providers, academic institutions and government officials from the U.S., Armenia and around the world.
  ArmTech Congress'08 is aimed to: provide global networking and community resources for Armenian high tech professionals; showcase the global contributions of Armenian professionals in high tech and allied fields; attract global participation by individuals and entities that can benefit from involvement with the Armenian high tech community; promote opportunities to do business; recruit and invest in Armenian high tech; highlight the rise of Armenia's strategic high tech industry; and promote international interactions and investments for further growth.
  The Government the Republic of Armenia (RA) stressed the importance of the ArmTech Congress 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, and increasing 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.
      About Armenian Technology Congress
  Headquartered in Silicon Valley, the Armenian Technology Congress was founded by technology and business professionals to foster professional growth in the worldwide Armenian technology community, and to promote the growth of Armenia’s rapidly rising technology sector. The organization welcomes liaisons with other entities that are similarly aligned and has no political affiliations. Building on the success of ArmTech ’07, the development of repeatable international technology and business conferences is the current focus of the organization. For more information, please visit www.armtechcongress.com.

  ARMENIA CZECH BUSINESS FORUM

  Armenia-Czech Business Forum took place in the Armenian Development Agency on July 7th, 2008. The General Director of the Agency, Mr. Harutyunyan hosted the Minister of Foreign Affairs of Czech Republic, Mr. Karel Schwarzenberg who was on an official visit to Armenia and his Armenian colleague, Mr. Eduard Nalbandyan.
  Mr. Harutyunyan delivered a complimentary speech about Armenia, welcoming the guests to Armenia, presenting the trade turnover and investment volumes between Armenia and Czech Republics stating that there is a lot of work to be done in terms of developing business relationships. He noted that within last 10 years, joint business agreements have been signed, and as of 2008, 17 companies with Czech capital are operating in Armenia.
  The export volume to Czech Republic has increased and makes more than 2mln USD in 2007. Armenia exports the following products: wood, diamond stones, furniture pieces, handicraft carpets, ferromolybdenum. Armenia imports the following products: sweets, beer, food products, medications, plastic goods, paper, clothing, printing equipments, medical equipments, etc.
  The delegation of Czech businessmen representing different industrial sectors tourism, banking, machinery, energy, SME, arrived along with the foreign minister to look for more fruitful and profound ways of business and economic cooperation.
  Moreover, the officials expressed hope that global business conference will be organized in the framework of Senate’s President arrival in Armenia in September, 2008.

  BUSINESS SUPPORT COUNCIL SESSION

  Business Support Council's business Society Session took place at the Armenian Development Agency. The General Director of ADA, Mr. Robert Harutyunyan, the Chief Economic Advisor to the President of Armenia, the vice chairman of the council, Mr. Vahram Nersisyants, board members representing private and public sectors were participating at the session. The agenda included discussions about the tax administration perfection. Based on the suggestions submitted to the Government of Armenia, the conception of tax administration reforms has been elaborated and was presented to the private sector for the thorough discussion.
  "With the help of continuous sessions we will try to explain the businessmen, what steps are being undertaken by the government in terms of the reforms. The state policy from one side, and project presentation to the public sector from the other side, and as well as the main issues aroused from their side, will enable us to more productively organize our activities", said the general director of ADA, Mr. Robert Harutyunyan. He pointed out that the frequent business meetings for the deep interaction is significantly important for the private and state sectors cooperation.
  There were representatives from the state tax service who presented the projected activities timeline in the tax administration sphere, listening to their suggestions and comments of the conception of reforms. They noted that the taxation conception is based on the documents that are applied abroad.
  The Vice Chairman assured that the reforms on customs and taxation when changed should be more transparent and fair. There should be structural and personnel changes. The changes should occur immediately so that we will have the reforms set for 2009 fiscal year. The Vice Chairman also suggested making working groups that will take care of the main problems and proposals raised by the businessmen, and the government will revise everything in terms of taxation and customs reforms.

  ADA COUNCIL SESSION

  The Armenian Development Agency's council session took place at the government house on July 2nd, 2008 chaired by the council head, prime Minister, Mr. Tigran Sargsyan.
  The performance report based on #2 protocol, ADA's performance report during I quarter of 2008, conceptual approaches of performance evaluation of ADA departments as well as other organizational issues were discussed. It was noted that the document elaborated by the ADA’s council session government assignment, includes the work planning system description, performance evaluation and based on the performance, employees payments and remuneration.
  ADA's general director Mr. Harutyunyan reported on ADA's several activities - attraction of foreign direct investments, assistance to the investments promotion and foreign investors, building up Armenia’s image as a country with favorable business environment, as well as promotion in integrating into the world economy. Mr. Harutyunyan noted that ADA has elaborated a strategy consisting of midterm activities program, emphasizing the timeline of events and required resources, etc. The program will serve as basis for annual programs elaboration. Based on the annual program each department presents its annual action plan.
  ADA council took note of the Agency’s performance report of I quarter, 2008. The Prime Minister noted that it is important for ADA to set up more clear cut goals and measurable guides for each year which will become a criteria for the efficiency and report evaluation.
  At the end, the Prime Minister assigned that ADA’s performance reports should come with schematic attributes which will disclose the annual performance dynamics.

  ARMENIAN IRANIAN BUSINESS MEETING

 Armenian Development Agency organized an Armenian-Iranian business meeting on June 17th, 2008. An Iranian delegation of 30 people had arrived from Yazd province. The businessmen were representing different industrial sectors: medicine disposable syringes production, carpet covering and blanket production, Henna and medicine colors production, plastic and melamine kitchenware products, wall and floor tiles products, building project designing and performance, derivation and production of mineral stone, building and industrial ironware, farming and industry, bread and confectionary industries, etc. They were all interested in the development of bilateral fruitful trade and economic cooperation. There were also representatives from Commercial organization of Yazd province, Yazd Chamber of Commerce, Industries and Mines, Armenian companies, such as «Kar-Art», «New Lita», «Getn Group», representing mining industrial sector were also participating at the business meeting. The General Director of ADA. Mr. Harutyunyan received the Iranian delegation and stated that both countries are in a very close relationship, which will help to expand and diversify economic relations-both in trade and investment.
 A powerpoint presentation was made on economic growth, investment climate and the big potential of economic perspectives of Armenia.
 For your information, city Yazd is the economic and administrative capital of the province. It is today one of the Iran’s industrial centers for textiles. A significant portion of the population is also employed in other industries including agriculture, dairy, metal works and machine manufacturing. Yazd is also the largest manufacturer of fiber optics in Iran. Some of province agriculture products are: almond, walnut, pomegranate, herbal medicines and its industry products are ceramics, tiles, marble, granite, bricks, cement, limestone and infield of jewelry and metalwork, gold jewelry, ruby jewelry, copper, arts, etc.
 The Iranian side invited general director Mr. Harutyunyan to visit Yazd province to get thoroughly introduced to the potential of the location. The invitation was warmly accepted.

  ITDSC FULL SESSION

  Information Technology Development Support Council full session was held in the government of RA on June 10, 2008. The session was conducted by the council chairman, Prime Minister Mr. Tigran Sargsyan.
  The topics of discussion included the IT sector guidance format, sector development, objectives and conception. Some suggestions were made by the council members, which are satellite antennas usages, problems concerned with optical cable and internet armenianization.by state financial support.
  Regarding IT sector guidance format, Ministry of Economy is selected as the state body in charge for IT sector coordination. Mr. Yeritsyan, the Minister of Economy, responding to the inquiries of council members, presented the managing mechanisms of the sector, including the formats and possibilities of cooperations with the private sector, council and other ministries.
  The conception of IT sector development, is posted in the internet site of Ministry of Economy. It was presented by the minister, who thoroughly talked about the elaboration process, listened to the comments and proposals. The participants of the session expressed their views presenting the suggestions and objections about the conception of sector guidance format and its development.
  The conception was acknowledged as a base for future discussions.
  Regarding the issues on satellite antennas usage, the prime minister assigned to take measures for problem solving taking into consideration support to the business and importance of the publicity.
  The council members also discussed the issues on optical cables, which stretch from the border to the center. It was assigned to the ministry of transportation and telecommunication-to present the solution proposals within one week period and give a report about it during the next session.
  The other issues included in the agenda-was the armenianization of the internet. The minister of Economy will be in charge of the issue and will discuss the assignment process outcome and possibilities of assistance by the state.
  At the end, the prime minister noted the importance of the activities deriving from the IT sector development conception. From now on, the sessions will take place more often and the next session will be held in a month.

 ARMENIAN-GERMAN BUSINESS CONFERENCE

 The Armenian Development Agency organized an Armenian-German Business Conference on June 4th, 2008. 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.

  ADA HAS A NEW GENERAL DIRECTOR

  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.

  ITDSC SESSION

 Information Technology Development Support Council session (ITDSC) was held in the Armenian Development Agency on May 16th, 2008.
 The vice president, Chief Economic Adviser to the president, Mr. Nersisyants and the Minister of Economy, Mr. N. Yeritsyan were participating at the session.
 The discussion topics included IT sector management and IT sector development issues and conception discussion.
 Mr. Minister noted that several discussions took place about the conception with the interested sides, including the private sector representatives. The conception also was arbitrated by World Bank experts. The final discussions will take place before the conception is presented to the government. The priorities in the conception are-to create an information society, invest electronic management system, as it will be very significant for country’s business climate improvement. The Minister emphasized one of the activities-establishing techno park in Gyumri, investment of interactive educational system, project implementation of "computer for everybody", etc. During the meeting, all the obstacles for the IT sector development were presented.
 All the comments and suggestions were accepted by the Minister. He agreed to get back to all those issues meanwhile asking to express opinions about 10 main targeted directions proposed in the conception. The presented comments and suggestions within 10 days period will be discussed during the new session.

  BSC SESSION

 Business Support Council Session was held in the Government session hall on May 15th, 2008. The prime minister of Armenia, president of Business Support Council, was conducting the session. The topic of the session was the strategy deriving from Government program and future issues.
 The representatives of business society emphasized the importance of constructive dialogue, the participation of private sector in implementing government program, mutual confidence reinforcement to witness the constitutive reforms in the country.
 After views were exchanged, Mr. Prime Minister consigned all the proposals and observations on the strategy of BSC within two weeks period to be introduced to the Council Secretariat, after holding discussions in small groups, to prepare a document of proposals summary to present it at the coming session.
 "We intend to form such business society, that will be considered the best one not only regionally but internationally. This will mean that together we have to work hard. And yet our work can be appraised fairly, because there are many international structures that are famous with their assessment methodology and consistently business environments of various countries are able to be presented to the international community.
 The Purpose of our meeting today is to discuss the approaches, already fostered by the new government and which are put on the basis of the program. I am confident that all of you are aware of the main issues of the program. Second, what are the problems we are facing and any organizational approaches to be suggested, in order to have the Council work more productive, and have the meetings to be more frequent, and what kind of discussion format opinion you have. And we can already make arrangements about our tasks and assignments that you consider as primary in 2008-2009".

  ARMENIAN IRANIAN BUSINESS FORUM

  Armenian-Iranian business forum on Business and Investment Environment Opportunities was held in the Armenian Development Agency with the direct support of ADA organized by Cavendish University.
 The delegation of 20 people, headed by Mr. Hussein Tajbakhsh, the general director of Cavendish University, arrived from Iran representing different industrial sectors to discuss the opportunities of business and investment climate of Armenia.
 Mr. Tajbakhsh noted that Cavendish University has been closely cooperating with ADA for more than a year and during this period ADA has provided all the necessary information and business consultation. Mr. Tajbakhsh advised the Iranian businessmen to keep in touch with the ADA to preserve and strengthen the cooperation hoping that it will be mutually beneficial.
 The Iranians got introduced to the pace of economic growth, investment climate and the big potential of economic perspectives. The businessmen also showed interest to get acquainted with the Banking system of Armenia. An HSBC representative was invited to provide detailed information on banking services which was then followed by questions and answers. Power Point presentation was prepared to present Tax and Customs Legislation of Armenia.
 As the director of Investment Promotion Department Natalya Artsruni mentioned, "The Iranians are here to research on our business climate. The most competent industrial sectors are the ones that don't require transportation. Those are Information Technology, Biotechnology and Jewelry. Business to business meetings will take place with our local partners and mutual interests will derive. We will be assisting them in finding partners".
 As the director of Investment Servicing Department Mr. Valery Shabanov mentioned, the investment climate is set on a competent level. International Organizations possess high opinions about our investment climate. Not to forget to mention, the investment volume has grown especially in construction and mining industry. The trade turnover is 700mln USD, 111mln for export, and 400mln for import. Foreign Direct Investment has made 25.4%, last year it made 580mln USD.
 The Iranian businessmen mainly were interested in power development, particularly establishing hydro power stations. They also think the chemicals and food industry, jewelry and semi precious stone industrial sectors have the potential of future development.

  FINANCE, CREDIT, INSURANCE AND AUDIT EXPO 2008

  The First Special Exhibition "Finance, Credit, Insurance and Audit" was held in Yerevan on May 2-4th, 2008.
  The Expo was organized by «Logos-Expo Center» with the support of Armenian Development Agency, Minister of Economy, Central Bank of Armenia, Union of Banks of Armenia, Union of Manufacturers and Businessmen of Armenia.
  ADA took participation at the Expo as well and provided all the necessary information about investment opportunities in Armenia. The publications on ADA activities, tax and customs legislation, export, directory appeared to be in great demand by many visitors.
  The purpose of the exhibition was to expose knowledge on the financial sector to the society. There were 25 companies participating at the expo which have leading roles in the finance-credit system.
  The Expo included the following sectors - banking, banking services to the legal and physical entities, mortgage crediting, small and medium business crediting, consumers' express-crediting, car crediting, financial consulting, investment management, insurance and auditing services.

 

  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

  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
   Mr. Tigran Davtyan, General-Director of Armenian Development Agency welcomed all the guests and participants. He noted that this particular event is a unique opportunity for exchanging thoughts about the Programme. "One of the dominant issues in the government’s economic policy is the export promotion, foreign trade volume and tradeover volume increase. The government is taking resolute steps, particularly in the legal field, legislation field, more advantageous regimes for all the partner countries have been insured. The program implementation will promote the trade volume and investment relations in the Black Sea region as well as to increase the local product export. As stated by Mr. Davtyan, Armenia today has the agreement about free trade regime almost with all the CIS countries, established also more favorable trade regime with more than 150 countries in the world, including WTO members, European Union, USA , Japan , Canada In the nearest future, negotiations will be conducted about signing analog agreements in the framework of European Union policy "new neighborhood".
  During his speech, the Minister of Trade and Economic Development of Armenia, Mr. N. Yeritsyan assured that there are many issues to solve in order to make the trade regime more accessible and reasonable for businessmen regarding business climate, standards, quality and standardization norms. He noted that since the development level of the member countries is not very different from one another some major positive outcomes will be experienced soon.
  Ms. Consuelo Vidal, UN Resident Coordinator/UNDP Resident Representative, welcomed the guests and participants, congratulated the program initiators stating that it is the first time Turkey and Greece are financing such a program in Armenia.
  Mr. Giuseppe Belsito, United Nations Development Programme (UNDP) Regional Officer for the Mediterranean and the Black Sea and business development adviser, made the powerpoint presentation on how the project will be executed for the next two years. He characterized the program as “business communication program”.
  For your information, Black Sea Economic Cooperation Organization and UNDP kick off meeting took place on December 3-4th, 2007 in Greece. Member countries of the Organization are: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, Ukraine, Serbia/Montenegro.

  MEETINGS WITH AMBASSADORS

  The General-Director of Armenian Development Agency Mr. Tigran Davtyan received the recently appointed Ambassador Extraordinary and Plenipotentiary of the Republic of Bulgaria, Mr. Todar Staykov on March 19th, 2008.
  The main topic of the discussion was the Armenian-Bulgarian Business forum which will be organized by ADA in Bulgaria in September 2008 The event venue and period was agreed when the Prime Minister of the countries met each other in November 2007 in Yerevan.
  The representatives of government and business communities of both countries will be participating at the upcoming forum. The following sectors will be included in the discussion: information technology, servicing, pharmaceuticals, food, textile industry, transportation, building materials, jewelry and furniture, etc.
  The Ambassador expressed his confidence that the business forum will help to promote friendly, economic and trade cooperation between two countries.

 
  The General-Director of Armenian Development Agency Mr. Tigran Davtyan received the newly appointed Ambassador Extraordinary and Plenipotentiary of the Arab Republic of Egypt, Mr. Wahid Galal on March 18th, 2008.
  The Ambassador was thoroughly introduced to the activities of ADA An informative and productive discussion took place about the opportunities of information technology, textile, as well as tourism sector development.
  The general-director and the ambassador also discussed the strong possibilities of organizing business forums, business missions, training courses, exhibitions, trade fairs, etc which will be favorable for both countries. The Ambassador highly appreciated the role of the ADA and expressed its willingness for future trade and economic cooperation.

  INTERNATIONAL ECONOMIC FORUM IN TSAKHKADZOR

  "Bridge" Fifth International Economic Forum opened in Tsakhkadzor organized by the Ministry of Trade and Economic Development, Ministry of Foreign Affairs, Central Bank and Armenian Development Agency. There were representatives from 10 countries. The main objective of the event was to familiarize Armenia's economic potential to the Western and Middle Eastern business and political circles.
  The organizers assure that the forum justifies Armenian Davos title and is an inseparable part of business life of the state as a meeting place and a field of open discussion for political scientists, legislatures, business communities, bank managers and insurance companies.
  Topics of discussions included: small and medium enterprises, transport and logistic, IT society- present state and future, banks and credit companies, construction industry, agro industrial complex, investment attraction of region.
  The Minister of Trade and Economic Development, Mr. N. Yeritsyan presented Armenia's main macroeconomic indicators: "In our country, the foreign investment volume increases regularly. The volume of investments in 2003 made 229.6mln USD, where as in 2007, only during 9 months period it made 469.9 mln USD. Armenia will continue to attract investments, develop the economy to the level that from 2020-2025, the GDP per capita will reach to 10-12 thousand USD. We should reach the investment development stage which will be based on knowledge and human resource".
  According to the minister, such volume of investments will be possible thanks to the commercialization of energy, telecommunication and other infrastructure, free operation of capital and goods, development of banking system, etc. It will be essential to raise the country competency in the future, improve the business climate, strengthen incentives to attract foreign companies, develop infrastructure based on knowledge.
  Armenian government expects some $2.7 billion investment in tourism industry development between 2008 and 2020. These figures are introduced in the government designed tourism development strategy. The total investment amount makes 2350-2700mln USD, out of which 1300-1500 mln USD investment will occur in the hotel business. Cooperation agreement was signed between the Union of Manufacturers and Businessmen of Armenia and Union of production companies in Czech and Moravia.
  According to the General-Director of Armenian Development Agency, Mr. Tigran Davtyan, Armenia will be participating in Shanghai-2010 World Exhibition, and it will have to show that the country's economy is diversified.

  TV DOCUMENTARY ON ARMENIA FROM THE BUZZ BUSINESS

  The Buzz business team with the Executive Producer and Country Branding Director arrived from Spain to discuss the future project on the TV documentary about Armenia on February 4 th. 2008. The Minister of Trade and Economic Development, representatives of public and private sectors in Armenia participated at the discussion. According to the Buzz team presentation, an informative and accessible documentary will be shot portraying friendly and approachable Armenia as one of the most exquisite countries on Earth. Prior to their visit, the team had already held preliminary discussions with the government of Armenia back in 2007.
  The Buzz TV in collaboration with Transglobe is specialized in the production of movies and documentaries for television in high definition and digital support. It offers products of branded content programming, commercials and infomercials, business programming, investment guides, investment/tourism vignettes, mobile shorts, internet tv.
  The Buzz TV will be launching a new travel series called "Escape" that will take viewers to the most beautiful corners of our planet. It will also showcase both well and lesser-known cultural gems to worldwide audience-placing new paradises on the map or rebranding tired destinations.
  The Escape series will include the following themes will include religion and historical travels, paradise untouched (nature and wildlife), color, craft and culture, adventure/eco tourism, hospitality-an insight into local traditions, gastronomy in a one hour documentary film. The filming will last 14 days and 3 days in winter. The film reaches potentially 450 million viewers.
  The Buzz TV closely collaborates with BBC World, Bloomberg Television, CNBC, TVE International, National Geographic, SKY, Discovery, PBS, Francetelevisions, RAI, etc.

  ARMENIAN RUSSIAN ECONOMIC FORUM

  Armenian-Russian Economic Forum took place in Yerevan on January 21st, 2008. The forum was organized by the Union of Armenians in Russia and Armenian Development Agency. More than 60 businessmen arrived from Russia to participate at the forum and look for potential partnership.
  The forum was attended by Igor Levitin, Russian transport minister who co-chairs together with Serzh Sarkisyan the bilateral government commission for cooperation... The minister of Trade and Economic development, Mr. Nerses Yeritsyan and General Director of Armenian Development Agency, Mr. Tigran Davtyan made PowerPoint presentations.
  During his speech, Mr. Davtyan spoke about direct investments in Armenia's economy which can be considered the essential incentive of economic growth. Over the last few years, a 15%-25% annual increase in investments has been recorded. While in January-September 2007, foreign investments in Armenia's economy totaled $469.9mln, with direct investments totaling $312mln, Russia is the largest investor in Armenia's economy-a 32.6% increase compared with 2006. The investments were made in the telecommunication, minerals industry, air transport, food industry, tourism and information technologies. As of 2007, nearly 852 companies are registered and operate in Armenia with Russian capital.
  Mr. Davtyan also commented on the economic freedom index results, according to which Armenia ranks 28th among 162 countries thus leaving its neighbors behind, and regarding to "Doing Business-2008", Armenia ranks 39th.
  President of Union of Armenians in Russia, Mr. Ara Abrahamyan, said "The main objective of is to establish much closer relations with potential partners and attract major investments, thus businessmen in Russia expect Armenian-Russian partnership to be continued to bring up productive results".

  BELGIAN ECONOMIC MISSION TO ARMENIA

        Organized by Armenian Development Agency
  General Director of Armenian Development Agency, Mr. Tigran Davtyan hosted the Belgian delegation on December 19th, 2007, who had arrived on business mission from Wallonia, one of the leading states in Belgian Kingdom.
  The delegation was headed by the Ambassador of Belgian Kingdom in Armenia, Mr. Charles Ghislain and ADA's colleague in Wallonia, General Director of Foreign Trade and Investment Agency, Mr. Phillipe Siunen. Trade Commissioner, Mr. Ivan Korsak, joined the delegation as well. Prior to the visit to ADA, His Excellency and the General Director met with Minister of Trade and Economic Development, Minister of Energy and deputy mayor of the city.
  "This visit can be considered the continuation of Armenian-Belgian forum which took place in the framework of Armenia's president's visit to Belgian Kingdom. We are happy that after two months of meetings in Brussels, we were successful to organize such business mission, where our partners and Belgian private companies' representatives were able to get acquainted with the country's economic policy and business opportunities", noted Mr. Davtyan.
  Belgian delegation included representatives of over 12 organizations and companies producing pipelines, stone-working equipment, chocolate, poultry concentrates, as well as Internet and satellite communication services.
  During the two day visit the 12 Belgian companies held business to business meetings with 79 local companies. Ozone, internet supplier already operating in Gyumri expressed its hope to establish business in Yerevan, as well. Comelec- Schreder, Floodlight manufacturing company and Husqvarna, natural stone polishing company are already thinking about entering the Armenian market.
  Armenia's macroeconomic indicators, investment and business potential as well as Armenia's financial market situation were presented to the Belgian delegation.
  Belgian delegation expressed its satisfaction and gratefulness to ADA for organizing fruitful business meetings which will give birth to the further ongoing cooperation between two countries.
  In the evening, the guests were invited to the classical music performance by "Cadance" where they fully enjoyed the program.

  PRESS RELEASE 100 DAY ACTIVITIES OF ADA GENERAL-DIRECTOR
    MR. TIGRAN DAVTYAN

       ADA's activities within the last 3 months  

  COOPERATION MEMORANDUM BETWEEN ARMENIAN DEVELOPMENT AGENCY AND UNION OF MANUFACTURERS AND BUSINESSMEN WAS SIGNED ON DECEMBER 21st, 2007.

  The purpose of this action is to promote Foreign Investments flow
  Expand export volume
  Assist in information society performance
  Improve business climate
  Contribute to Armenia's economy image promotion
  The sides agreed to sign the Memorandum about the following:  

  COLLABORATION WITH BLACK SEA ECONOMIC COOPERATION
  Mr. Tigran Davtyan, the Director-General of Armenian Development Agency, participated at the UNDP and Black Sea Economic Cooperation's kick off meeting in Greece on December 3-4th, 2007.
  The Black Sea Economic Cooperation Organization is a model of multilateral political and economic initiative aimed at fostering interaction and harmony among the Member States, as well as to ensure peace, stability and prosperity encouraging friendly and good-neighbourly relations in the Black Sea region through closer economic integration. It involves 12 states: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, Ukraine and Serbia/Montenegro.
  The program will be executed in full synergy with the other similar existing UNDP regional and national projects in the subregion. Operational synergies with other relevant initiatives targeting subregional co-operation and integration will be developed to the maximum extent. The program will be structured to complement and even expand UNDP's efforts at national level in terms of private sector development and engagement (PSDE).

  ARMENIA-IRAN TRADE AND ECONOMIC COLLABORATION
  General Director of Armenian Development Agency, Mr. Tigran Davtyan warmly welcomed the Iranian delegation of businessmen on November 28th, 2007 in Yerevan, Armenia. The businessmen had arrived from Urmia, West Azerbaijan Province, Iran.
  Just a month ago, ADA received another delegation of Iranian entrepreneurs, who had arrived in Yerevan in the framework of an official visit of the President of the Islamic Republic of Iran. The businessmen represented various industrial sectors. The Armenian Development Agency and Iranian Organization on Investments, Economic and Technical Assistance signed the agreement on encouragement of investments, and on the construction of a wind power station in Armenia.
  The Chairman of Trade Agency of Atrpatakan province headed today's Iranian businessmen, including representatives from the private sector. They were all interested in the development of bilateral fruitful trade and economic cooperation. Prior to their visit to the Agency, the businessmen held business meetings with the Chamber of Commerce of Armenia and the Union of Manufacturers and Businessmen of Armenia.
  The businessmen represented different companies: road construction, ironware import/export, wooden products exports and production, technical engineering, industrial dyes production, designs for refrigerators, dried fruits and nuts production and export, fruits juice production, plastic barrels and chemicals maintenance, export/import of different fruits organic cultivation, stone production and export.
  For your information, the most important industrial centers of the above-mentioned province of Iran are found in the city center, named Urmia. It is an agricultural production center with fruit juice and food industries, e.g. 850000 tons of apple, 15000 tons of honey, 200000 tons of grapes and raisins productions. Juice and concentrates are produced in 20 factories and exported to Europe, Japan, etc. Discussions were held about upcoming exhibition in June 2008 in Yerevan.
  The General Director of ADA received the Iranian delegation and stated that both countries are in a very close relationship, which will help to boost and diversify economic relations-both in trade and investment.
  The Iranian businessmen were informed about Armenia's free trade regime with CIS, GSP (Generalised System of Preferences) and GSP+ regime with European Union.
  The delegation members were mainly interested in the tax and customs regimes, and were assured that the legislation of both corresponds to the international standards. It is necessary to mention that businessmen also drew topics on investments, the advantages on tax conditions, equal rights for local and foreign investors. The export and investment volumes as well as rapidly developing industrial sectors were deeply discussed that are construction, banking and services, tourism.
  At the end, the Iranian side notified that it was a very impressive visit since professional discussions took place according to which the sides now possess profound knowledge of the countries.
  The Iranian side invited the General Director to visit Urmia to get thoroughly introduced to the potential of the city. Mr. Davtyan accepted the invitation with great pleasure.

  SUCCESSIVE SESSION OF THE COUNCIL OF ARMENIAN DEVELOPMENT AGENCY, CJSC
  Today a session of the Council of Armenian Development Agency CJSC has been held in the Office of Government, presided at by Council Chairman, RA Prime Minister Serzh Sargsyan. The meeting has discussed the report on the work done over the past 10 months of 2007, the 2008 action plan and the budget of the agency, questions relating to Armenia's participation in Shanghai Expo-2010 world exposition, as well as several organizational matters.
  Before proceeding to the agenda, Prime Minister Serzh Sargsyan congratulated the newly appointed ADA Director General Tigran Davtyan and the new members of the Council and expressed hope that the overall performance of the agency would be improved thanks to new approaches and changes in its operations. "Any change is pointless if it fails to improve the work of the agency," - the Prime Minister said and wished the agency every success in the fulfillment its mission and the accomplishment of the obligations assumed.
  Before the start of his report, ADA Director General informed that the talks conducted with the World Bank and the Dutch Government had been completed with success late last week. As a result, a USD 2 million-worth grant will be made available to the Agency under next 4-year assistance programs and for effective realization of its ongoing activities. According to Mr. Davtyan, the World Bank and the Government of the Netherlands have already signed a relevant arrangement to be submitted to the RA Government in due course.
  With reference to agenda item 1 concerning the report on the work done over the past ten months, the ADA Director General reported that the Agency had carried out work in several directions: attraction of foreign investments, increase of country ratings, implementation of export-conducive programs, assistance with the decision of questions associated with the improvement of the business environment and the development of information technologies (IT) and high technologies.
  Among the numerous actions carried out during the accounting period, the ADA Director General singled out and reported the most volumetric and large ones, emphasizing the Armenian-Canadian industrial exhibition held in Toronto early this year under the motto "Made in Armenia," the Armenian -Austrian business forum held last March in the framework of the session of the Armenian-Austrian intergovernmental commission. Another action was carried out late last March, namely the Armenian-French forum held in Issy-les-Moulineaux with an IT potential development agenda involving the Armenian and French companies concerned, at which a number of programs were discussed and mutual arrangements reached. Later in July, the ARMTECH exhibition was organized in San Francisco (USA, State of California) which was dedicated to information and high technologies. As informed Mr. Davtyan, "Digitech" exhibition was held in October followed by the Armenian-Belgian business forum held in early November in the framework of the RA President's visit to Brussels during which a number of arrangements were made with Belgian companies, based on which these companies are expected to pay a reciprocated visit to Armenia this December. Another important forum was held in Finland in the frameworks of RA President's visit to that country.
  The ADA Director General reported that besides the mentioned actions, numerous other events and business meetings have been organized for the last 10 months inside the country, among which - the visit of an Iranian delegation to Armenia, the Armenian-Slavic business forums in Yerevan and in Stepanakert.
  The speaker also spoke about the research work done by the Agency in the period under review. He emphasized the efforts towards the attraction of foreign investments, the search of possibilities for the liaising of domestic business circles with foreign partners and so on. According to Mr. Davtyan, currently the ADA was busy with the preparation of a package of investment programs developed on the basis of international criteria that can be useful to any investor desirous of coming to Armenia. The Council has further been informed on work for preparation of data bases about foreign companies. According to the ADA Director General, data bases have already been built up for about 800 foreign companies.
  The Council approved the report of the Agency for the last 10 months and recommended the Director General to focus on the results during the presentation of the following reports through the use of such criteria as are susceptible to make the outcomes of work more measurable. The meeting also stressed the need of continuing the activities on the basis of analysis of results of previous works which, if necessary, might strengthen the focus on the productive steps carried out to date so as those actions not providing high results could be replaced with modern approaches.
  The session has also discussed and approved the program of activities and the budget of the Agency for 2008. According to the Director General, the main directions of ADA activity will be maintained and rendered more purposeful next year. As assured by Mr. Davtyan, the planned intra-agency procedural reform, too, will improve work of the Agency.
  The following question of the agenda bore on the preparations for Shanghai Expo-2010 world exposition. Information has been submitted on the steps carried out so far. The Prime Minister instructed those concerned to submit detailed information within a week's period - before a draft government decision has been prepared - which would incorporate the approaches identified during the discussions of the stakeholders.

  COORDINATED AND STREAMLINED COOPERATION BETWEEN FINLAND AND ARMENIA
  5-7th November, 2007, Helsinki, Finland
  Armenian-Finnish Business Meetings took place in the framework of an official visit of Armenia's President, Mr. Robert Kocharian, to the Republic of Finland on November 5th, 2007.
  During the business meetings with the Minister of Trade and Economic Development of the Republic of Armenia, Mr. Yeritsyan and the General Director of the Armenian Development Agency, Mr. Tigran Davtyan discussions took place with the Minister of Trade and Industry of Finland about advancing apparent trade-economic cooperation, since present turnover of both countries is not satisfactory at this time.
  The meetings with the Finnish well known companies were held and according to Mr. Davtyan, after defining their interests and cooperation essentials more certain business steps will be undertaken for the forthcoming Finnish business-missions visit to Armenia. The Finnish businessmen have expressed their willingness to work on the tasks and exchange upcoming business missions.
  There was a preliminary agreement with them to participate at this mission planned for the year 2008, which, most probably, will be organized by "Finprom" company, which is a similar structure like ADA.
  In the future, Armenia will be hosting the delegation of Finnish businessmen with different missions-trade, investment or economic, as well as coordinating business forum to closely identify the most perspective fields of cooperation.
  Most likely, the discussions will be held about the highest technologies and technopark models that are operating with strong effectiveness in Finland.
  After the delegation visited the highly developed technology hub "Otaniemi" the businessmen of both sides agreed that next year, as an initial step, with the utilization of the European resources as well, Finnish experts and specialists will introduce their model to Armenia, then, the second phase will undertake the implantation of this system in the Republic of Armenia.
  The Finnish side particularly has expressed their interest in the cooperation of metallurgy, precision technologies, telecommunication, tourism and services sectors."We are establishing a serious basis for fruitful and resolute cooperation in the future", said Mr. Davtyan.
  Mr. Davtyan has also made comments about his visit to the "Nokia" company. In Nokia's showroom the assortment of Nokia products was represented, where there was a special product assembled with Armenian fonts for Armenian market. According to Mr. Davtyan, Nokia phones are no longer considered as simple phones, they are smart electrical multifunctional systems, which we used to traditionally call them as cell phones. At this point, Nokia considers Armenia as a representative market for its products, whereas in future, according to Mr. Davtyan's anticipation, Armenia could identify and streamline the directions to working with "World famous knowledge-based giant as Nokia" particularly as far as this company, being purely based on knowledge, provides 20% growth of company's markets and turnover per annum, it is the example case where Armenian analogous companies should strive for, as far as Nokia success stories are a wonderful motivation for Armenian companies to develop their knowledge based potential.

  VISIT OF EGYPTIAN CONSULTANT, WHO PRESENTED 13 COMPANIES FOR FUTURE COOPERATION BETWEEN ARMENIA AND EGYPT
  November 5th, 2007, Armenian Development Agency
  Business meetings took place between Armenian businessmen and the Egyptian consultant who arrived in Yerevan on the purpose to promote potential partnerships and fruitful business relationships between Egyptian companies and their Armenian counterparts. Business meetings with Armenian companies were coordinated and organized by Armenian Development Agency experts.
  The Egyptian consultant worked thoroughly with ADA prior to his planned visit to the Armenian Development Agency on November 5th, 2007. The visit was preconditioned by the interest of developing business and trade cooperation with Armenia.
  The entrepreneurs were willing to explore the possibilities for increasing business opportunities and launching new projects in a new location for their businesses, in Armenia. They pointed out the importance of greater harmonization between Egyptian and Armenian business communities to give value added dynamism to trade between the two countries.
  Mr. Abdelmohsen Said Shafey, the Deputy of Ambassador of Egypt Embassy to the Republic of Armenia, was accompanying the Egyptian consultant during his business to business meetings in ADA.
  The Egyptian companies wanted to target successful local companies for potential realization of investment activities. They represented the following sectors: pharmaceuticals, chemicals, dental equipment, textiles, food stuff, tables, and cookware. Each company's objective and the spheres of interest were presented with the focus on future activities on imports and exports. After an effective exchange of information the both sides expressed their willingness to to continue the mutual collaboration in the future.

  DEVELOPMENT OF ARMENIAN CZECH TRADE AND ECONOMIC COLLABORATION
  On October 30th, 2007 General Director of Armenian Development Agency, Mr. Tigran Davtyan welcomed the Czech delegation headed by the First Foreign deputy minister of the Czech Republic, Mr. Thomas Pojar. Bilateral export and import opportunities as well as future investment inflow increase to Armenian economy were discussed.
  The Deputy Minister mentioned that the business ties need to be developed broadly as the Czech companies not only have intentions to expand the trade but also to make investments in Armenia.
  Mr. Davtyan noted that Armenia has a diversified economy with several rapidly developing industrial sectors consequently; it would be worthy to make more investments in Armenia. The main goal of the visit of Czech delegation was to strengthen and expand investment opportunities in such sectors as tourism, textile, IT, metallurgy, biotechnologies, as well as real estate. So far, the biggest investment made in Armenia has been the entrance of Czech Airlines into Armenian air market providing direct flights Yerevan-Prague.
  Mr. Pojar stated that the Czech Republic would be one of the countries to implement Schengen visa regime in the nearest future, which will ensure a broader access and increase possibilities for improving business environment. He also expressed his hope that soon the two counties could expect to exchange visits on Presidential level, which in its turn will tighten the cultural and economic collaboration between the Czech Republic and Republic of Armenia.
  Mr. Davtyan expressed his readiness to receive Czech investors' delegation in the country to hold more fruitful negotiations aimed at boosting cooperation between the two countries.

  ARMENIA-IRAN TRADE AND ECONOMIC COLLABORATION
  The Armenian Development Agency (ADA) received Iranian delegation consisting of state officials as well as entrepreneurs, who arrived in Yerevan on October 22, 2007 in the framework of the official visit of the President of the Islamic Republic of Iran Mahmoud Ahmadinejad.
  The members of the delegation were represented by Trade Promotion Organization of Iran, Iran-Armenia Chamber of Commerce, Iranian Fisheries Export Development Fund, seafood processing and exporting companies, trade companies of medical appliances, mining machinery, chemical companies, technical and engineering service providers, ostrich breeding companies, metallurgical companies, die-casting, transportations companies, food processing companies etc.
  Armenian Development Agency warmly welcomed the guests and represented Armenia's investment climate, economic development trends and growth rates, main export countries of Armenia as well as successful foreign investors of Armenia. ADA pointed out the volume of trade turnover between Iran and Armenia and expressed its readiness to support Iranian entrepreneurs to expand their business opportunities in Armenia thus strengthening the existing efficient and fruitful trade and investment activities between the countries.
  The Armenian Development Agency and Iranian Organization on Investments, Economic and Technical Assistance signed the agreement on encouragement of investments, and on the construction of a wind power station in Armenia.
  ''Armenia as one of the friendly countries of the region is a target market for the Islamic Republic of Iran. Trade in goods and services and joint investments enjoy prospective economic cooperation between the two countries. This all emphasizes the potential capacities for the two countries to enhance economic cooperation and urges the officials and economic organizations of the two countries to endeavor to fully make use of the potentialities existing in Iran and Armenia'', said Mr. Mehdi Ghazanfari, Deputy Minister of Commerce and Trade Promotion Organization of Iran.

  SLOVAKIA-ARMENIA-ARTSAKH BUSINESS FORUM

  Held in Yerevan, Armenia and Stepanakert, the Nagorno Karabakh Republic, October 19-20, 2007
  organized by President of Armenian Community in Slovakia and Armenian Development Agency.

  The Slovakian delegation headed by Dr. Ashot Grigoryan, Adviser to the Foreign Minister of Armenia, President of Armenian Community of Slovakia, ADA Representative in Slovakia, consisted of 16 Slovakian business representatives. The purpose of the trip was to identify the existing potential of Armenia in key sectors of economy which Slovakian delegates were interested in as well as to familiarize with the investment opportunities and business incentives Armenia provides to foreign investors.
  Armenian Development Agency worked fruitfully prior to the Business Forum and prepared a clear-cut program that was designed for 45 various business meetings among Slovakian, Armenian and Artsakh businessmen (55 companies). During two busy days, the Slovakians and Armenians had a good platform of negotiations and site visits handled with the help of experts of ADA. Armenia's banking sector was of priority interest to Slovakians and as a result of which ADA arranged their meetings with twelve biggest banks of Armenia. Financing instruments for investment projects in health, metallurgy, construction and building materials, food products, spirits and beverages and tourism sectors were also scrupulously discussed with key authorities of the sectors of Armenia. Slovakians had fruitful business negotiations regarding power plant technologies, ventilating equipment suppliers, chemical products. They were happy to meet with their potential business partners exchanging useful information and introducing their business plans.
  Armenian Development Agency would like to thank Dr. Grigoryan for his efforts to promote the idea of and, consequently, organize Slovakia Armenia Artsakh Business Forum in close collaboration with Armenian Development Agency. ADA keeps on its effective follow up activities' campaign aimed at developing trade and economic ties between the countries.

  ARMENIAN-FRENCH BUSINESS FORUM
  October 19-20, 2007, Yerevan, Armenia.
  Armenian Development Agency (ADA) received a delegation of 19 French representatives from Marseille, who arrived in Yerevan to participate at Armenian French Business Forum, organized under the aegis of UNIDO, particularly, Investment and Technology Promotion Office, the coordinator of which is Mr. Victor Zakaryan, UNIDO Representative in Austria.
  ADA has preliminary made a careful work to shortlist and target key sector Armenian partners for Marseille businessmen, also worked on cooperation proposals of 42 Armenian business partners who were ready to establish business ties with their French counterparts.
  Fruitful business-to-business meetings were organized by ADA experts in the following sectors: food processing and importing companies, flour products and confectionery manufacturing companies, trade companies, hotels, wineries, IT companies, machine tools companies, telecom companies, construction and building materials, optic glasses and lenses distributors, stone processing companies, garment and clothing shops, real estate agencies, household appliances, consulting companies, chambers of commerce and the Association of Accountants and Auditors of Armenia.
  The Marseille side was also presented by a law company which was interested in familiarizing with Armenia s investment legislation, tax incentives and other legislative acts, introduced by ADA lawyer during the legal consulting to the French lawyer.During Armenian French business days 8 site visits were made to Armenian companies, where Marseille businessmen were given a chance to see the production process of various Armenian products and services. Noteworthy, Marseille people were happy to come to Armenia and noted that the visit was very productive and gave them firm ground to continue working with Armenian partners to bring into reality certain business ideas which were mutually agreed by the two sides. ADA will follow up the activities to build a strong cooperation bridge between French and Armenian companies and organizations.
  During Armenian French business days 8 site visits were made to Armenian companies, where Marseille businessmen were given a chance to see the production process of various Armenian products and services. Noteworthy, Marseille people were happy to come to Armenia and noted that the visit was very productive and gave them firm ground to continue working with Armenian partners to bring into reality certain business ideas which were mutually agreed by the two sides. ADA will follow up the activities to build a strong cooperation bridge between French and Armenian companies and organizations.
  As additional information, a cooperation agreement was signed between "Ordre der experts Compatibles" French accounting company and Association of Accountants and Auditors of Armenia.

  ARMENIAN-BELGIAN BUSINESS FORUM OCTOBER 10th, BRUSSELS, BELGIUM
  Armenian-Belgian business forum took place at the Cercle de Lorraine Royal Club where Mr. Kocharian, President of Armenia welcomed the efforts of the organizers of the forum to facilitate the Armenian-Belgian business relations and made a statement that the economic cooperation between the two states would very soon become even deeper and more extensive.
  The Business Forum took place in the framework of the working visit of Armenia's President Robert Kocharian to the Kingdom of Belgium. Among delegation members there were the Minister of Foreign Affairs Mr. Vartan Oskanian, Chief of Presidential Staff Mr. Armen Gevorkian, Minister of Finance and Economy Mr. Vartan Khachatrian, Minister of Trade and Economic Development Mr. Nerses Eritsian, General Director of the Armenian Development Agency, Mr. Tigran Davtyan, Ambassador of Armenia to Belgium Mr. Vigen Chitechian, Chairman of the NA Commission on Euro integration issues Mr. Avet Adonts, other officials and journalists.
  The participants of the forum were informed that the preliminary works on the signing of the free trade zone agreement between Armenia and the European Union have been concluded, the results are positive, and there is a good chance that the negotiations toward this end will start in 2008.
  The President of Armenia spoke about the economic situation in Armenia. ''Together with our foreign partners we are working to improve tax and customs administration, enforce anti-monopoly measures, expand market of financial services, and encourage leading financial institutions to come to Armenia.
  ADA's Director Mr. Tigran Davtyan made a power point presentation on Armenia's investment and export situation, pointing out current trade and economic cooperation between the two countries. Additionally, he dwelled upon the investment and export incentives Armenia provides to foreign investors who decide to establish business in Armenia. He encouraged Belgian entrepreneurs to contact ADA in order to acquire necessary support in considering any investment or trade transaction with their Armenian counterparts.
  The diversified economy of Armenia provides you with plenty of opportunities in different areas,'' the President of Armenia assured the Belgian businessmen.

  ADA HAS RELEASED NEW EXPORT DIRECTORY 2007
  Armenian Development Agency has released a new edition of 2007 "Made in Armenia" Export Directory of Armenian products and services, traditional publication of ADA aimed to promote those competitive high-quality and international standards' meeting products made in Armenia as well as services provided by our highly professionalized specialists that already penetrated into international market and gained their market niches in the markets of Russian Federation, Europe, Middle East, USA and Asia.
  2007 "Made in Armenia" Export Directory of ADA is the result of the continuous effort and professional approach of our agency to represent Armenia's export-ready goods and services ever since the establishment of our organization which dates back to 1998. We strongly hope that trade turnover of "Made in Armenia" products will continue growing from year to year and we would be glad to see new export countries and companies in our partners' list enlarging both geography and improving the quality of cooperation, thus integrating our peoples into one another's cultures and rich traditions peculiar to each nation ion the world. In Armenia, 2007 "Made in Armenia" Export Directory is distributed among ministries, international organizations, foreign embassies and consulates. The Review is also distributed among Republic of Armenia diplomatic missions abroad with the assistance of the Republic of Armenia Ministry of Foreign Affairs.
  For your products' and services' promotion as well as advertisement in "Made in Armenia" Export Directory please feel free to e-mail us: info@ada.am or just contact us by (374 10) 57 01 70.

  ADA RELEASED A SPECIAL ISSUE OF "FORUM" ARMENIAN BUSINESS REVIEW, SUMMER
  2007, DEDICATED TO ARMTECHCONGRESS 2007, FIRST INTERNATIONAL TECHNOLOGY
  CONGRESS DEVOTED TO ARMENIA'S IT AND HIGH SECTOR DEVELOPMENTS
  ArmTech Congress 2007 is the essential high technology conference and exhibition for professionals who participate in or want to join the global Armenian community and the rapidly rising technology sector of Armenia.
  We released a special issue of Forum Armenian Business Review summer 2007 parallel to pre-organizational activities for ArmTechCongress 2007, first international technology congress devoted to Armenia's high tech and IT sectors which took place in Fairmont Hotel July 4-7, Silicon Valley, San Francisco, California.
  Armenian Development Agency was head of Armenia's org. committee for the event, The Special Issue of Forum contains information on Armenia's IT and high tech industry reviews, successful local and foreign investors in Armenia in those sectors, interesting interviews of organizers of this big event as well as other companies who supported to ArmTechCongress 2007 helping Armenia's government to strongly promote Armenia's high potential in IT and high tech sectors to the world community especially in Silicon Valley, which is a birthday place of world-class high tech companies and largest international investors of the sectors.
  In Armenia, the Review is distributed among ministries, international organizations, foreign embassies and consulates. The Review is also distributed among Republic of Armenia diplomatic missions abroad with the assistance of the Republic of Armenia Ministry of Foreign Affairs.
 

  MORE THAN 300 FOREIGN AND AROUND 50 ARMENIAN COMPANIES PARTICIPATED
  IN ARMTECH 2007
  "The sphere of high technology has quite developed in Armenia but for going forward it is necessary to regulate the further steps"
  After "Armenia: Ancient Land - New Direction" Conference on Armenia's investment opportunities held in New York in 2001, this is the second largest conference with its importance and scale and which must be more representative. Six years have passed after the New York conference during which Armenia developed greatly. Our issue is to present to foreign investors that "2007 Armenia" radically differs from "2001 Armenia" and at present it must inspire more trust for making investments; besides the interest of foreign businessmen towards Armenia has greatly increased. Mr. V. Movsisyan.

  Ensuring further progress in the Armenian high-tech sector will be the main subject of the first Armtech 2007 congress (conference and exhibition) to be held at the Fairmont Hotel (San Francisco) on July 4-7. Tony Moroyan, Chairman of the Armtech 2007 organizing committee, Chairman of Viasphere Technopark (Armenia), co-founder of several private techoparks and venture funds abroad, stated this at the press conference at the Armenian Development Agency. At least 50 Armenian companies are expected to participate in the event. According to T. Moroyan, one of the purposes of holding the Armtech 2007 congress (www.armtechcongress.com) will be the creation and cooperation of an all-Armenian network of experts engaged in the high-tech sector. It was noted that representatives of Armenia s governmental, business and academic circles will participate in the congress. T. Moroyan said that an all-Armenian high-tech congress will be held every second year. He attached importance to participation of Armenian universities in this event, noting that representatives of California's senate will also take part in Armtech 2007.
  The Armenian co-organizers of the congress is the Armenian Development Agency (ADA) headed by Mr. Vahagn Movsisyan, and Viasphere Techopark, headed by Mr. Aram Vardanian. According to Aram Vardanian, Co-founder and Director General of Viasphere Technopark, a meeting on Armtech 2007 preparatory work held at ADA with the participation of representatives of various Armenian companies, as well as scientists and architects.
  ADA's Director General Vahagn Movsisian said that Armenian sectors having a competitive advantage such as IT, biotechnologies, pharmaceutical industry, fine organic chemistry, alternative energy will be presented at Armtech 2007. A working group was created to examine investment programs to be presented at Armtech 2007 and assist with bringing them into line with international standards. "About 200 US companies have already agreed to participate in Armtech 2007," V. Movsisian said. It is expected that representatives of 400 foreign companies will participate in Armtech 2007.
  Responding to NT correspondent's question, T. Moroyan said that conferences held in Silicon Valley have been especially useful for India and Ireland.

  ADA GENERAL DIRECTOR HIGHLY ESTIMATES PARTICIPATION OF ARMENIA'S
  DELEGATION IN ANNUAL EBRD MEETING IN KAZAN
  The EBRD 2007 Annual Meeting and Business Forum took place in Kazan, Republic of Tatarstan, Russian Federation on Sunday 20 and Monday 21 May. It was a meeting point for over 2,000 participants including government ministers, CEOs and investors.
  YEREVAN, May 21. (ARKA). General Director of the Armenian Development Agency (ADA) Vahagn Movsisyan highly estimated the participation of the Armenian delegation in the annual EBRD meeting held in Kazan on May 20.
  The ADA press service reported that Movsisyan introduced the investment field in Armenia, priority spheres of developing economy, tempos of economic growth, prerequisites and potential for enlarging cooperation with the EBRD. After the presentation of the economic situation in Armenia, the Armenian brandy-tasting took place.
  Besides, the representatives of the Armenian banking system signed corresponding memorandum on mutual understanding.
  Head of EBRD Yerevan Office Michael Weinstein said that he is satisfied with the EBRD activities and success in Armenia and expressed hope that in 2007 the European Bank for Reconstruction and Development will enlarge the frames of cooperation and volumes of programs in the country.
  "Within the frames of the event useful exchange of experience, business and economic information with the representatives of the other CIS states took place, which will contribute to the strengthening of the cooperation," the statement said. The Armenian delegation included General Director of the Armenian Development Agency Vahagn Movsisyan and representatives of the country's financial and banking sphere.

  ARMENIAN TECHNOLOGY CONGRESS 2007 TO BE HELD IN SAN FRANCISCO,
 CALIFORNIA, JULY 4-7
  400 FOREIGN AND AT LEAST 50 ARMENIAN COMPANIES EXPECTED TO PARTICIPATE IN ARMTECH 2007
  YEREVAN, FEBRUARY 14, NOYAN TAPAN. Ensuring further progress in the Armenian high-tech sector will be the main subject of the first Armtech 2007 congress (conference and exhibition) to be held at the Fairmont Hotel (San Francisco) on July 4-7. Tony Moroyan, Chairman of the Armtech 2007 organizing committee, Chairman of Viasphere Technopark (Armenia), co-founder of several private techoparks and venture funds abroad, stated this at the February 14 press conference at the Armenian Development Agency. At least 50 Armenian companies are expected to participate in the event. According to T. Moroyan, one of the purposes of holding the Armtech 2007 congress (www.armtechcongress.com) will be the creation and cooperation of an all-Armenian network of experts engaged in the high-tech sector. It was noted that representatives of Armenia's governmental, business and academic circles will participate in the congress. T. Moroyan said that an all-Armenian high-tech congress will be held every second year. He attached importance to participation of Armenian universities in this event, noting that representatives of California's senate will also take part in Armtech 2007.
  The Armenian co-organizers of the congress is the Armenian Development Agency (ADA) and Viasphere Techopark. According to Aram Vardanian, Co-founder and Director General of Viasphere Technopark, a meeting on Armtech 2007 preparatory work was held at ADA on February 13 with the participation of representatives of various Armenian companies, as well as scientists and architects.
  ADA's Director General Vahagn Movsisian said that Armenian sectors having a competitive adavantage such as IT, biotechnologies, pharmaceutical industry, fine organic chemistry, alternative energy will be presented at Armtech 2007.
A working group was created to examine investment programs to be presented at Armtech 2007 and assist with bringing them into line with international standards. "About 200 US companies have already agreed to participate in Armtech 2007" V. Movsisian said. It is expected that representatives of 400 foreign companies will participate in Armtech 2007.
  Responding to NT correspondent's question, T. Moroyan said that conferences held in Silicon Valley have been especially useful for India and Ireland

  ARMENIAN DEVELOPMENT AGENCY RELEASED 2007 WINTER ISSUE OF "FORUM"
  ARMENIAN BUSINESS REVIEW
  Armenian Development Agency (ADA) has the great pleasure to bring to the attention of international investors the winter 2007 Issue of Forum, Armenian Business Review of our Agency, which summarizes the key economic achievements of Armenia as well as its cooperation developments with international financial institutions. This issue includes the congratulatory messages of the President and the Prime Minister of the Republic of Armenia which summarize key achievements of the State in 2006, Armenia's participation at international business forums, trade fairs and exhibitions at home and overseas.
  Additionally, our publication broadly represents the investments and business climate of Armenia, reflects the dynamic developments of Armenia's economic sectors, as well as success stories of leading domestic and foreign companies who are establishing ties with Armenia.
  We strongly hope that the information about Armenia's investment climate as well as priority sectors and directions of economic development, international cooperation programs, success stories of local and foreign investors, doing business in Armenia will be helpful to you in your prospective considerations and will keep you updated on Armenia's developments. ADA is committed to help you create more opportunities to work together, strengthening economic and trade cooperation between our countries.
  Armenia has attracted numerous well-known international investors from the Russian Federation, Canada, United States, Europe and Middle Eastern countries as products made in Armenia are certainly increasing their export locations. ADA has been promoting Armenia's investments and exporting potential in various world-famous Investment Forums, Industrial and Tourism fairs as well as numerous exhibitions and we are surely moving progressively to strengthening mutually beneficial economic, trade and cultural cooperation among Armenia, the Diaspora, Artsakh and the rest of the world, which is our priority objective.
  In Armenia, the Review is distributed among ministries, international organizations, foreign embassies and consulates. The Review is also distributed among Republic of Armenia diplomatic missions abroad with the assistance of the Republic of Armenia Ministry of Foreign Affairs, as well as distributed at international business forums, trade fairs and exhibitions.
  The review is also downloadable at the following link of our website: Click here
For interesting economic and business materials as well as advertisement in Forum please feel free to e-mail us: pr@ada.am or just contact us.