The first honorary representative of the FRA in the United States will promote the export of products of small businesses

ArmInfo. Chairman of the  Armenian-American Business Council, member of the Executive Board of  the Armenian Trade Network Alek Baghdasaryan was appointed the first  and honorary representative of the Development Fund of Armenia (ARF)  in the United States. A corresponding memorandum of understanding was  signed between Alek Baghdasaryan and Armen Avak Avakyan. An honorary  representative personally and through a trading network in 14  countries of the world will promote the export of Armenian goods.

As the press service of the Fund reports, the purpose of this  assignment is to simplify the work of the Armenian manufacturer. It  is also planned to jointly organize the export of small business  products in order to reduce the cost of cargo transportation, provide  the necessary volumes and conclude agreements with major  international partners.  According to Baghdasaryan, his mission is to  contribute to the efforts of the government and to achieve the export  of products of small businesses, as well as bring the products  produced in Armenia in line with international standards. "Important  matters are coming in the IT field," the honorary representative of  the FRA noted.

Development Fund of Armenia already has 12 representatives in various  countries of the world, they are tasked with stimulating exports and  attracting investments," the Fund said.

According to the National Statistical Service of Armenia, Armenia's  foreign trade turnover in January- August 2017 was 1873.8 billion  drams ($ 3,880.6 million) with annual growth of 24.4%. In its  structure, the volume of exports has undergone an annual growth of  21.7% to 667.8 billion drams ($ 1383.2 million), and imports - 26% to  1,126 billion drams ($ 2,497.4 million). Only in August 2017, foreign  trade turnover increased by 0.4%, due to export growth of 3.6% with a  decline in imports by 1.4%, and compared to August 2016, foreign  trade turnover increased by 15.6% mainly due to growth of exports by  21.8% with a modest increase in imports by 12.2%.