ArmInfo. After the organizational changes, Business Armenia Foundation continuous its activities without the participation of the Government and direct financing of the state budget.
Thus, according to the source the staff of the Foundation makes an announcement: "Business Armenia Foundation announces that after organizational changes, it continues its operations with the primary mission of promoting economic growth in the country. Foundation's activities are aimed at promoting investment and export, as well as tourism development. Having rich experience in business promotion, Foundation will provide financial, legal, marketing, analytical, tax and other business advice and support to investors, exporters and people in business in the tourism sector.
Foundation appreciates all investors and exporters, its foreign official representatives, non-governmental organizations and embassies for cooperation with the Foundation in promoting Armenia's economic development over the past years. Foundation calls for further cooperation for the sake of Armenia's attractiveness."
Artak Poghosyan was appointed Executive Officer of the Foundation, who previously held the position of Financial and Legal Director at Business Armenia. The business address and the contact details of the Foundation are the same.
To recall the Development Fund of Armenia (DFA) was established in 2015. By the decision of the Board of Trustees in 2018, the Development Fund of Armenia was renamed the Business Armenia Foundation. The organization's activities were aimed at attracting foreign investment, while promoting exports, improving the business environment, implementing regional development projects and developing the tourism sector. The Business Armenia Foundation has implemented projects that provide for cooperation between government agencies and entrepreneurs. In 2018, the Business Armenia network, operating in 35 countries of the world, provided investment in the country's economy in the amount of $ 14 million.
Meanwhile, according to the program of the 5-year government activity, it is planned to close the existing GNCO, CJSC, Funds and Bureau in order to optimize government spending. Immediately after the approval of the program in February of this year, Minister of Economic Development and Investments of Armenia Tigran Khachatryan, answering the question of ArmInfo, stated that Business Armenia will not be liquidated, but will pass a certain way of restructuring. "There is a newly appointed head of the structure, and the director will present his views on resource mobilization, replenish them with new people and ideas, with one important goal in front of him: all resources should be directed to the implementation of larger and more important tasks," he said.