The number of foreign investors in the Armenian economy is growing at a slow pace, AmCham chairman says 2017-09-22

The number of foreign investors in the Armenian economy is growing at a slow pace, AmCham chairman says...

YEREVAN, September 18. /ARKA/. The number of foreign investors in the Armenian economy is growing at a slow pace,  the chairman of the US Chamber of Commerce in Armenia (AmCham) Ara Hovsepyan told a panel discussion organized on the fringes of the 6th Armenia-Diaspora forum that started today in Yerevan.

"Today the US Chamber of Commerce in Armenia has 115 members, although it was founded back in 2000 with 10 members. This figure shows the slow pace of the development of our economy. It also indicates that confidence in the Armenian economy has been accumulating for a very long time,’ Hovsepyan said.

According to him, foreign investors in Armenia need advice, which is a rather complicated process that requires a lot of time.

 



"This process may last here from three to four years and if every investor spends so much time on negotiations, it will not be very effective. If we want to attract investors to Armenia, this time span needs to be reduced," Hovsepyan said.

He noted that in order to improve the investment attractiveness of the country, the AmCham has set three main goals that will be implemented in the next two years.

"The first goal is to improve the protection of the right to intellectual property. This is the first problem a foreign investor encounters in Armenia. The second is alternative solutions to litigation, and we are planning to establish an arbitration court at the US Chamber of Commerce in Armenia. Our third goal is the introduction of business culture in Armenia," Hovsepyan said.

The sixth Armenia-Diaspora Forum that kicked off today in the Armenian capital under the slogan "Mutual Trust, Unity and Responsibility" has brought to Yerevan more than 1800 delegates of Armenian origin from 71 countries.