YEREVAN. – Lack of resolution in Nagorno-Karabakh conflict is holding back Armenia's potential, Mr Richard Mills, the US Ambassador to Armenia, told Wednesday in his speech at the American Chamber of Commerce in Armenia (AmCham).

He praised the resilience of Armenian nation amid the April 2016 clashes in Karabakh and their tragic aftermath, as well as dramatic developments around the seizure of a police regiment in Yerevan, in July of 2016.

Engagement in a peaceful resolution of the conflict is a personal commitment of the Ambassador, as well as a very important task for the US Government, he said.

This is a priority to work with Mr. Richard Hoagland, a new US Co-Chair of the OSCE Minsk Group, which is mediating peace talks, the diplomat added.

He regrets that the suspended state of the conflict is leashing Armenia's economic potential, because closed borders, as an outcome of the conflict, fuel corruption inside the country. This makes it easier for large businesses to abuse their market influence and choke competition, he added.