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.