2006 ACTIVITIES OF ADA MAINLY AIMED AT ENCOURAGING DIRECT FOREIGN INVESTMENT INFLOW
Noyan Tapan
Mar 06 2007
YEREVAN, MARCH 6, NOYAN TAPAN. During the March 6 sitting of the
Armenian Development Agency (ADA) Board, which was conducted by
the board chairman, RA prime minister Andranik Margarian, the
2006 report on ADA activities, as well as the list of measures for
implementation of the company’s 2007 working program and the estimate
of annual expenditures were approved. NT was informed about it from
the RA Government Information and PR Department. According to ADA
Director General Vahagn Movsisian, in 2006 the agency’s activities
were mainly aimed at encouraging the direct foreign investment inflow
and investments in the economic market, assisting foreign investors,
as well as at raising Armenia’s rating as a country with a favorable
business environment and promotimg the country’s efficient integration
into global economy. Among main directions of ADA activities were
export promotion, improvement of business environment and development
of the IT sector. V. Movsisian said that thanks to measures taken in
the year under review, a considerable growth of foreign investments
is expected in 2007: according to preliminary estimates, it will
make 300-330 mln USD. According to international structures, in
2006, Armenia was in 27th place by economic liberalization index
(in 2005, it was in 42nd place), while ADA was among top 5 from
147 agencies engaged in attraction of foreign investments. ADA’s
activities have had their postive effect on decisions to invest in
Armenia of such famous companies as Microsoft, Lufthansa, Sony and
others. In 2006, with the participation of ADA, Armenian-Italian,
Armenian-Belarusian, Armenian-Japanese and some other international
exhibitions and business forums were held, business relations were
established among 58 companies, exports grew by 3.1%. During the
sitting, the ADA board took decisions about Armenia’s participation
in the international exhibition-conference WESTEC 2007 on mechanical
engineering to be held in Los Angeles on March 25-30, 2007, and in the
first all-Armenian technological congress to be held in San Francisco
on July 4-7 of this year.