Edinburgh: Armenia seeks help of Scots

Glasgow Evening Times, UK
Nov 19 2004

Armenia seeks help of Scots

SCOTLAND’S prized reputation for financial prudence is helping the
former Soviet state of Armenia to rebuild its economy.
The Caucasus republic expects to have its accountancy profession
rubber-stamped by international governing bodies in the next two
years, after seeking the help of the world’s oldest accountancy body.

The 150-year-old Institute of Chartered Accountants Scotland is
helping hundreds of young Armenian students through professional
exams.

It is part of an international effort to encourage investment in the
country and secure its membership of the respected International
Federation of Accountants.

Armenia’s best known exports are its cognac, a favourite tipple of
Stalin and Sir Winston Churchill, and cut diamonds.

But the economy has depended heavily on foreign aid since
independence from Russia in 1991 forced it to rebuild its formerly
Soviet-funded power industry.

Neil Wallace, head of international services for ICAS, has been
leading the project from Armenian capital Yerevan and is now seeing
Japanese, Korean, German and French investors looking for business.
He said: “It sounds a bit pie-in-the-sky to say you can help people
become rich, but it does happen.”

From: Emil Lazarian | Ararat NewsPress

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