Austrian-Armenian Development Initiatives and Cooperation

PRESS RELEASE
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AUSTRIAN-ARMENIAN DEVELOPMENT INITIATIVES AND COOPERATION

For over a decade, Mr. Rainer Stepan of the City Administration of Vienna
has been eagerly and constantly pursuing tireless efforts and targeted
lobbying for the intensification of development and business cooperation
venues between Austria and Armenia. Accordingly, besides involving several
Austrian consulting groups and companies, a number of projects were also
launched during these past ten years.

One such recent successful initiative was the carrying out of a basic study
by the Austrian PAN PLAN regarding transport-safety in Armenia, as assigned
by AustriaTech, a company specialised in transport issues, telematics and
know-how transfer.

Together with a team of local Armenian experts, this special report was
finalised and satisfyingly presented in early May 2009.

Based on the results of the assessed options and needs, AustriaTech decided
spontaneously to continue its efforts with a cooperation offer to the
responsible authorities in Armenia.

Therefore, a working group will visit Armenia at the end of June 2009 to
define further steps for a sustainable programme towards the steady increase
of transport-safety in Armenia.

As a result of a number of successfully undertaken past Austrian initiatives
in Armenia, the Austrian Control Bank (Oesterreichische Kontrollbank) has
now declared their preparedness to give Armenia such a ranking status, which
would enable the Austrian partners to launch soft loaned, non-commercial
projects in Armenia. This could be a pioneer initiative by a foreign
international financing institution for Armenia.

Taking into account the fact that the field of "Renewable Energy and Energy
Efficiency" represents one of the major focused areas of the Armenian
Government, it is certainly a sound and instrumental consideration to
provide this opportunity to a relevant Armenian institution.

Among other development cooperation activities, an Austrian team
representing the City Administration of Vienna, ALARIS, PAN PLAN and other
entities, arranged in summer 2008 for the one-month traineeship in Austria
of 11 Armenian trainees (mostly from Yerevan) in various areas of expertise.

Subsequently, assisted by the Agro Service Austria, the Austrian side
arranged to have three new Armenian trainees taking up as of spring 2009
three-month traineeships in the fields of agriculture and wellness. They
come respectively from Djambarak (Gegharkunik), Maralik (Shirak) and
Yerevan.

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