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The US is ready to promote the diversification of the Armenian economy, the development and modernization of business, said US ambassador Lynne Tracy on Wednesday.

The diplomat noted that since 1992 the United States had rendered assistance to Armenia worth over 2 billion.

“In 2018, the United States provided $26.7 million in assistance funding to Armenia. But this does not tell the whole story, since so many of our assistance projects span multiple years. Right now, the total value of all of our active USAID grants and contracts in Armenia is $66 million,” she said.

“I am especially encouraged by the government’s efforts to root out corruption and promote transparency. This will help level the playing field and signal to the international community that Armenia is a country that respects the rule of law and is open for business. This is particularly important given the strong potential for an improved U.S.-Armenian economic relationship. A stronger trade and investment relationship will support our mutual desire to secure sustainable and inclusive economic growth, achieve greater economic diversification, and foster competition and innovation. And of course, innovative, dynamic business leaders and entrepreneurs contribute their expertise to help grow the domestic economy and compete internationally,” she added.

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