The Development Foundation of Armenia (DFA) has brought a total of $15.3 million worth of investments in the outgoing year, DFA executive director Armen Avak Avakyan told a news conference today. In his words, DFA’s portfolio currently includes 29 investment proposals with the total value of $1.6 billion.
The largest investment of $10 million comes from the Italian multinational company IDS, which together with the Armenian company Technology and Science Dynamics (TSD) will create a new IT laboratory in Armenia. According to him, the number of DFA representatives working on demonstration of projects to foreign investors has grown from two to 33 people.
“Armenia is the only country in the world that simultaneously enjoys the benefits of GSP + program and is a member of the Eurasian Economic Union. It also enjoys goods economic relations with Iran, the GSP regime with the US, Canada and Japan. We are the territory where an American the company can find a dialogue with the Iranian one,” he said. Armen Avak Avakyan noted also that the DFA assisted in concluding 5.4 billion drams worth export contracts.
According to him, Armenia, as a small country, should focus on building a cluster economy. “For example, in the Shirak region, the emphasis should be on the textile industry, which demonstrates extraordinary growth rates. Tourism can be the second sector in view of the operating Shirak airport,” he said.
The Development Foundation of Armenia was established in 2015 to help promote Armenian exports and bring investments to the country.
