Investment reform roadmap for Armenia

In a joint ceremony organized by the U.S. Agency for International Development (USAID) Armenia Business Enabling Environment (ABEE) activity, in collaboration with the Ministry of Economy, USAID ABEE formally handed over the government’s new Investment Reform Roadmap to the Minister of Economy, Vahan Kerobyan.

The Roadmap is a comprehensive document developed by international and Armenian experts that details the way forward for the promotion of foreign investment in Armenia. The Roadmap specifically addresses recommendations for improving the investment climate, which includes the government’s investment performance, policies, incentives, institutional frameworks, and approaches to investment promotion and facilitation.

During the handover ceremony, USAID Mission Director, Mr. John G. Allelo noted that although the Ministry of Economy is one of the primary government institutions responsible for the implementation of the reforms presented in the Roadmap, the key to success is in collaboration and cooperation among all ministries and relevant institutions in partnership with the business community. Mr. Kerobyan highly appreciated the immense and important work carried out by USAID. He emphasized that the Roadmap, which came as a result of many discussions and alternative ideas, sets high expectations and its successful implementation will generate tangible results in terms of maximizing Armenia’s advantages in attracting investment and generating economic growth and employment.

Declan Murphy, an international investment expert working with the USAID ABEE project, noted
that foreign direct investment in emerging economies is one of the key factors for economic growth, contributing to the development of the capabilities of local enterprises. “In this regard, it is paramount that the investment policy of the country is accessible and understandable to international investors,” he said.

Based on the Roadmap recommendations, and with the support of the USAID ABEE project, the Ministry of Economy is already taking steps to implement reforms and recently drafted a concept paper on investment policy, which is currently under discussion.

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