Sunday, 22 July

Austrian Development Agency Finances Program to Attract Investment to Armenia



The Development Foundation of Armenia and the UN Development Program have launched a grant program called “E-governance as an Electronic Tool for Facilitating the Government to Attract Foreign Investment”.

The parties, through the survey among the business community, aim to identify procedures and processes that hinder investments and need to be simplified to improve the investment climate and enhance business competitiveness in Armenia. The total budget is around € 332,000. The project is funded by the Austrian Development Agency.

Within 21 months of the project implementation, an electronic tool will be installed which will classify and publish detailed information on Armenia's investment processes and reveal the gaps hindering their smooth implementation. The "eRegulations" tool of the United Nations Conference on Trade and Development (UNCTAD) has been successfully implemented in more than 30 countries around the world. The “Hotline” service at the DFA will be installed as well.

The CEO of Development Foundation of Armenia Mr. Armen Avak Avakian stated: “The DFA Aftercare team daily interacts with investor community and identifies and addresses the issues on their side. With application of this tool our support will get more effective and targeted”.

“The Ministry of Economic Development and Investments has initiated the process of involvement of Armenia in the “FDI Regulatory Restrictiveness Index”. Within this framework, the given project will significantly support us to simplify and make more accessible the information for investors and improve the Armenia’s rating in the Index” mentioned the Deputy Minister of Economic Development and Investments Hovhannes Azizyan.

“The eRegulations will allow to optimize processes and mitigate the risks related to human factor and corruption, and will be closely coordinated with the broader digital transformation agenda of the Government of Armenia, supported by the European Union and other partners», mentioned Dmitry Mariyasin, the UNDP Resident Representative a.i. in Armenia.       

“This project is another building block in our excellent Austria-Armenia relations, and we sincerely hope that it will help facilitate the needed foreign direct investment to Armenia” mentioned the Head of South Caucasus Office of Austrian Development Agency Mr. Gerhard Schaumberger.

This joint project aims to reduce corruption and arbitrary decision-making in the investment field and will provide the Government with a tool to better manage business procedures.


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