Thursday, December 13 2012 13:25
ArmSwissbank promotes Armenian-Swiss business ties
ArmInfo. At the initiative of a number of companies operating in the territory of Armenia and having business relations with Switzerland, an Association for Development of the Armenian- Swiss Business Relations has been established in Armenia. The founders of the Association are ArmSwissbank, Arabkir Medical Center and Stalker Company (importer of Swiss watches and cosmetics). The Swiss Embassy in Armenia is an active supporter of the initiative.
Another four companies joined the Association at a meeting overnight: representatives of two Swiss pharmaceutical companies in Armenia - Hoffman- La Roche and Sandoz, as well as Avan Salt Plant and New Force Company (importer of Nestle Company products). Representatives of another three companies expressed a desire to join the Association. The staff of the Association's Council was approved. Gevorg Machanyan, Executive Director of ArmSwissbank CJSC, was elected chairman of the Council. Any company that has business interests or seeks representation in Armenia or Switzerland can join the Association.
The goal of the Association is to boost the Armenian-Swiss business relations, ensure exchange of experience between the members of the Association, and represent Armenian companies in Switzerland and Swiss companies in Armenia, G. Machanyan told ArmInfo.
He said that there is a similar association in Switzerland that promotes the Swiss-Armenian business relations. Such organizations are oriented at development of economic relations with a specific country, which is a peculiar expression of public activity of business, which is an acknowledged practice in the world. In Armenia there are several such organizations.
G. Machanyan said that in line with the Association's Statute, the Swiss Embassy in Armenia is invited as an honorable member of the Association's Council.
By data of the National Statistical Service of Armenia, total investments from Switzerland in Armenia in Jan-Sept 2012 amounted to $38.8 million (nearly total FDI), growing 5fold versus Jan-Sept 2011. Swiss directed most of the investments in Armenia - $37.9 million (nearly total FDI) in the mining industry. The commodity turnover of Armenia and Switzerland for Jan-Oct 2012 grew 68% to $140.2 million. Exports to Switzerland totaled $67.8 million (up 3.4fold over the year) and import being - $72.4 million (up 14,4%).
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