EU Twinning Project: “Strengthening the Investment Promotion and Investment Policy Institutional Framework of Armenia”

YEREVAN — The foreign direct investment conference today marked the official closing ceremony of the EU’s Twinning Project “Strengthening the Investment Promotion and Investment Policy Institutional Framework of Armenia.” The project implementer, Business France, is the French government agency for foreign investment and export development. Also involved in the project were the RA Ministry of Economic Development and Investments and the Development Foundation of Armenia (DFA).

Foreign investment companies, officials from the EU delegation to Armenia, international institutions and the country’s economic sector discussed the investment environment, opportunities, and government support programs at the conference.

Over the course of sixteen months, Armenian professionals were introduced to the best European practices within the framework of the project; twenty European experts presented effective business tools, approved by Business France, for attracting investment, to specialists from the Ministry of Economic Development and Investments and DFA. Emphasis was placed on the promotion of investments to Armenia, the establishment of foreign company branches, job creation and economic development – a model currently followed by investment promotion agencies in developed countries.

The following progress was made:
– Sectoral investment strategies were created and developed; certain investment sectors were targeted, SWOT analyses were carried out, as well as comparative analyses with other countries.
– Promotional materials about Armenia were created.
– A database of potential investors was established.
– As a result of the campaign to promote Armenia’s investment environment in France, organized by DFA in partnership with Business France, DFA established connections with 136 companies, and 9 new opportunities and 11 investment projects emerged.

The project was implemented in order to develop the foreign investment policy of Armenia, and contribute to economic growth, job creation, and the potential of the government (Ministry of Economic Development and Investments, and the Development Foundation of Armenia), by increasing foreign direct investment. The project budget was around €810,000, fully funded by the European Union.