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Prime Minister Karapetyan to Lebanese Business Leaders: “Exciting Reforms Taking Place in Armenia”

Armenian Prime Minister Karen Karapetyan’s trip to Lebanon is clearly at attempt to drum up much needed foreign investment in Armenia.

Yesterday, Karapetyan met with Armenian entrepreneurs, extolling the advantages of doing business in Armenia.

His next meeting was with representatives of Lebanon’s Chamber of Commerce, Industry and Agriculture, Chamber of Manufacturers, Beirut Traders Association, World Association of Lebanese Businessmen, and the International Chamber of Commerce.

According to the Armenian government’s website, “The head of the Armenian government presented the current economic situation in Armenia and the positive trends in economic development. The Prime Minister stressed that one of Armenia’s key competitive assets is the strong Diaspora, our compatriots who regardless of their domicile are concerned about the future of their homeland.”

Karapetyan told the attendees that Armenia is undergoing exciting reforms in all spheres of public life: governance, customs, taxation, education, healthcare, exports, credit programs, subsidized loans, judiciary, bankruptcy, agricultural insurance, etc.

He then ticked off some positive economic numbers – 7.5% economic growth, 25.2% increase in exports, external trade turnover growth of 26.9%

Karapetyan then pointed to the most beneficial aspect of investing in Armenia.

“We are a unique country in the sense that we have been able to combine two seemingly incompatible economic platforms. I mean that while being a small country with 3 million population, we are a member of the Eurasian Economic Union and thereby enjoy privileged trade regimes with countries that have a population of 180 million altogether - Russia, Kazakhstan, Belarus, and Kyrgyzstan.”

The Armenian Prime Minister mentioned agriculture, cattle breeding, jewelry, light industry, information technology, mining and infrastructure as spheres for potential investors to focus on.

He then said that a law on foreign direct investments is being finalized, the purpose of which is not to streamline the investment process.

  “Today’s government has a firm belief in the philosophy that its main function is not to encumber business. We are confident that the State is not an effective manager in areas where there is business interest. And, on the basis of this, we give those areas to private management. Should you make up your mind - I would call it quite a logical decision - to come to Armenia and establish a business, you will find true partners in the person of the Government and the circles you may have to work with. We are confident that we will have a country where business is going to be very easy, profitable and logical.”

Read the official transcript of Karapetyan’s remarks HERE