The Financial, Georgia
Twinning project helps Armenian government to attract investment
The FINANCIAL — The EU-funded twinning project “Strengthening the Investment Promotion and Investment Policy Institutional Framework of Armenia’’ has reported on its achievements.
The project has developed sectorial investment strategies, promotional materials about Armenia and a database of potential investors, while the Development Foundation of Armenia (DFA) has established connections with 136 companies and created 11 investment projects, according to EU Neighbours East Info.
During the project, Armenian specialists from the Ministry of Economic Development and Investments, as well as from DFA, were introduced to best European practices and effective business tools for attracting investment, establishing country branches of foreign companies, creating jobs and devising economic development methods.
“It’s very important to promote what Armenia has. This project aimed to promote investment in Armenia – it’s important to ensure that foreign investors come to Armenia, first of all for their financial capacity and, secondly, because foreign direct investment promotes business culture exchange,” said Hoa-Binh Adjemian, Head of the Cooperation division of the EU Delegation to Armenia.
“We worked in three strategic directions: investment promotion and policy advocacy; foreign direct investment strategy development and an improvement in the investment climate; and aftercare services development,” explained Garegin Melkonyan, Armenian Deputy Minister of Economic Development and Investments.
Twinning is an EU instrument for institutional cooperation between the public administrations of EU Member States and selected beneficiary countries in the European Neighbourhood.