EU allocated over 473 mln euro within the initiative of EU4Business

ArmInfo. Strengthening businesses, developing digital economies and building relations between entrepreneurs from the European Union and its Eastern partner countries are at the heart of the discussions at the 4th Eastern Partnership (EaP) Business Forum in Estonia on 26-27 October 2017.

The event brings together more than 450 business leaders, politicians and government officials from Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova, Ukraine and the EU Member States. It is one of the key side events being held in preparation for the 5th EaP Summit that will take place in Brussels on 24 November 2017.  In Armenia, the EU assists companies with (1) funding, (2) training, and (3) export support to new markets through the EU4Business initiative. Since 2009, 268 billion AMD (?473 million) has been provided in total for 25,000 Armenian companies.

According to the source, within the framework of this initiative, the EU provides assistance to Armenian business in the following areas - financing, retraining, and assistance to exporters to enter new markets.

In particular, to ensure greater access to finance, the EU provides business loans to women entrepreneurs, micro-loans for the creation or development of small businesses, grants to innovative start-ups and high- technology start-ups. At the same time, it helps to strengthen business skills, providing individual consulting to businesses, providing technical assistance, carrying out retraining programs, including individual retraining of women entrepreneurs and providing assistance to public organizations, as well as providing business consulting and retraining of export-oriented enterprises.

Find out what is available: www.eu4business.eu/am EU4Business phone line is now open in Armenia: +374 55 10 80 40 The EU helps companies in Armenia through the EU4Business Initiative and works together with the EBRD, EIB, KfW, GIZ, the International Trade Centre, the International Centre for Intercultural Research, Learning and Dialogue, EUROCHAMBRES, UEAPME, OECD, the World Bank, and EBA Armenia.

On October 26-27, the fourth Eastern Partnership business forum is held in Estonia, which brought together over 450 business leaders, politicians and government officials from Armenia, Ukraine, Georgia, Belarus, Moldova, Azerbaijan and EU member states. The forum is of key importance for the preparation for the fifth summit of the Eastern Partnership countries, which will be held on 24 November in Belarus.  According to the National Statistical Service of Armenia, in January-August 2017, the foreign trade turnover between Armenia and the EU increased by 24.3% to $ 947.4 million, while exports increased by 32.6% to $ 407.9 million, with imports growing by 18.6% up to $ 539.5 million. In 2016, the foreign trade turnover between Armenia and the EU increased by 2.1%, with exports growing by 15.9%, with a decrease in imports by 5.2%.