Under the leadership of Prime Minister Karen Karapetyan, the Board of Trustees of the Armenian Development Fund held its regular session.
The Board first debated and approved the annual financial and operational reports of the Fund for 2017, followed by the 2018 Action Plan and Budget.
Executive Director of the Fund Armen Avak Avakyan reported that during the last year a number of structural changes were implemented in the fund. 29 investment projects worth 1 billion 577 million drams were presented to foreign investors in tourism, light industry, agriculture, healthcare and other spheres.
The investment proposals were also submitted electronically, particularly through the Investmentprojects.am platform, which had 22,000 visitors in 2017, plus the Selectarmenia portal. During the last year, Armenian companies signed 5 billion drams worth of export contracts in jewelry, footwear, textile and wine-making. In 2016, the volume of similar contracts was 2 billion drams. The goal of the fund is to increase the volume of export contracts to 7.8 billion drams in 2018. In total, last year, through the efforts of the Foundation, $ 15 million investment and $ 2.9 million reinvestment projects were involved. The fund expects to increase the volume of investments in 2018 to $ 46.8 million.
It was also informed that the foundation has established informational booths in Beirut, Dubai and Moscow, which deal with the registration of organizations wishing to carry out activity in Armenia as well as representing investment and export companies' offers to foreign investors.
It was discussed and approved the new brand and slogan of the Development Fund of Armenia and the proposal on renaming Armenia Development Fund to "Business Armenia".
"So we give a more direct message that we are working in the field of business and for this purpose rename the fund "Business Armenia". Investors will be more aware that we are engaged in business, get in touch with business, "said Armen Avak Avakyan.
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