DFA and Italian Institute of Foreign Trade signed memorandum on mutual understanding

ArmInfo. With the purpose of  development of bilateral trade and economic connections, the  Development Fund of Armenia (DFA) and Italian Institute of Foreign  Trade (ICE) signed memorandum on mutual understanding. The sides came  to agreement on cooperation of Armenian-Italian business circles,  mutual information provision on coming activities, exhibitions,  working visits and elimination of factors which are obstacles to the  growth of investments and bilateral trade.

As the DFA press service told ArmInfo, the signing of the memorandum  took place in the fields of Armenian-Italian business forum, held  within the framework of meeting of the Armenian-Italian  interparliamentary  commission in Rome with support of DFA.

"The government nowadays takes many steps aimed at improvement of  business environment in Armenia, exclude bureaucratic red tape. Our  Fund is ready to assist and provide consultations at any moment,  includingg Italian partners", said DFA Executive Director Armen Avak  Avakyan.

To note, during the forum, 26 Armenian businessmen presented  Armenia's investment opportunities to 170 potential partners, in  particular, in processing agricultural products, renewable energy,  IT, textile and shoe industry, tourism. The meetings took place in  the B2B format between interested parties, where the opportunities  for export of Armenian products and investment programs were  presented. To recall, the Institute for Foreign Trade of Italy (ICE)  - a government organization engaged in the development and promotion  of trade between Italy and other countries. It supports Italian  companies in the process of internationalization and development of  foreign markets, promotes industrial investments in Italy and abroad.  In addition, ICE is actively involved in the training of Italian and  foreign managers working in international markets and promoting the  production of "Made in Italy". The headquarters of ICE is located in  Rome and has an extensive network of representative offices in Italy  and abroad (17 regional offices in 83 countries). According to the  National Statistical Service of Armenia, the foreign trade turnover  between Armenia and Italy in 2016 amounted to $ 160.8 million, with  an annual decline of 11.2%. Exports fell by 2% to $ 31.9 million,  with a 13.2% drop in imports to $ 128.9 million. Meanwhile, in the  first quarter of 2017, the dynamics of mutual trade between Armenia  and Italy shows a flat trend. In the frequency, the foreign trade  turnover for the reporting period increased by 23.4% to $ 34.3  million, with exports growing by 43.9% to $ 5.8 million, and imports  - by 19.9% to $ 28.5 million.