Wednesday, May 15 2019 21:10
Marianna Mkrtchyan

US Ambassador: There is still a lot of untapped potential in  Armenian-American economic relations

US Ambassador: There is still a lot of untapped potential in  Armenian-American economic relations

ArmInfo.Over the past few years, American business has shown a steady interest in the Armenian market in the segments of hydropower, information technology,  finance, retail and agriculture. The US Ambassador to Armenia Lynn  Tracy stated this on May 15 in Yerevan.

 According to her, this includes the purchase by the American company Global Contour of ZAO Vorotan Cascade of Hydroelectric Power Stations, which implies an  investment of $ 250 million. "This also includes the work of our  Corporation Foreign Private Investment (OPIC), which recently  provided three loans totaling $ 20 million to the First Mortgage  Company credit organization operating in Armenia. OPIC also supported  the expansion of the Gazelle investment fund in Armenia, which  provides business advice to small and growing Armenian enterprises  and provides the funding necessary to expand their business and  create jobs, "the ambassador said.

At the same time, she expressed her conviction that there is still a  lot of untapped potential in the Armenian-American economic  relations. "Sustained economic growth in recent years, more than 7%  in 2017 and 5% in 2018, demonstrates the potential for sustained  growth, which can be realized with a favorable business environment  and sustainable economic activity, investment and innovation.  Business expect Armenia will continue its efforts to create a fair,  predictable and transparent investment climate. We look forward to  serious reforms by the Armenian government that will eliminate  corruption, strengthen institutions and trust. ovenstvo law, "- said  the diplomat.

At the same time, assuring that, for its part, the US Embassy will  continue to work with the Armenian government and the private sector  to promote business, and further demonstrating the best of what  American companies can offer: their world-class technology,  unsurpassed know-how and the highest standards of business culture.  "We cooperate with American companies on an everyday basis, as they  view Armenia as a country for new investments and expansion of their  activities. We will continue to support them while searching for new  partners here, and we will speak on their behalf when appropriate. to  the extent of deepening our trade and investment relations, "the  ambassador stressed.

However, she expressed the conviction that investment and innovation  in the field of information technology and science, technology,  technology and mathematics (STEM) as a means of stimulating economic  development - This is just one of many common values between the two  countries. According to Tracy, Armenia stands out on the world stage  with its deep stock of human capital, and the Armenian people are  known as innovators and pioneers in many areas.

She also stressed the importance of showing serious attention to the  development of regions. In this regard, she stressed that the United  States is implementing a number of programs in the regions of  Armenia, which contribute to the strengthening of democracy and  sovereignty. According to her, the United States, since 1992, has  provided more than $ 2 billion in financial assistance, which was  aimed at improving the lives of the Armenian people, supporting its  efforts to strengthen democratic, economic and social governance. "In  2018, the United States provided assistance to Armenia in the amount  of $ 26.7 million. But, this does not show the whole picture of  assistance, since many of our assistance projects last for several  years. Currently, the total cost of all our existing grants and USAID  contracts in Armenia is $ 66 million, "the diplomat stressed, adding  that the goal of financial assistance through reforms and initiatives  led by the RA is to develop a more interested, prosperous and  well-managed Armenian society.

According to her, 50% of the programs are implemented through the  Armenian government and local organizations. "This strategy means  that projects are more profitable, more sustainable and more relevant  for the local population. And the impact of this assistance goes far  beyond the immediate beneficiaries - it is a catalyst for additional  investment that will stimulate inclusive and sustainable economic  growth and ensure a brighter future for Armenians "Tracey said. As an  example, she cited her participation in the presentation of the  program "Rural Economic Development: New Economic Opportunities",  funded by USAID and aimed at supporting an important sector of the  Armenian economy. According to her, this project will benefit at  least 100 rural enterprises in at least 60 rural communities over the  next five years, creating economic opportunities throughout Armenia.  The diplomat stated that this is just one of the examples of many  fruitful results in bilateral cooperation.

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