Armenia is a country of fundamental transformations, wide prospects for economic cooperation with Italy and other European partners, Armenian Prime Minister Nikol Pashinyan said during the Armenia-Italy business forum.
He stressed importance of trade and economic cooperation between Italy and Armenia, adding that the bilateral trade increased by 14% in nine months of this year.
Speaking about Italian investments in Armenia, Pashinyan mentioned several companies, among them Telecom Italia Sparkle and Renco which are implementing projects in Armenia.
As for his government’s goals, Armenian PM said they had succeeded in eradicating systematic corruption, eliminating monopolies and establishing equal field for all players.
“Reforms and economic revolution would have long-lasting effect on economic development,” the PM Added. “If you ask me why you should invest in Armenia, my answer will be the following: investing in a small country with global network and skilled labor force is promising.”
He reflected on Armenia’s excellent opportunities in high-tech industry and IT, adding that Armenia has a potential to become an internet traffic hub for wider region.
Armenia has recorded growth in tourism this year, and expects to attract more tourists, PM said, adding that Ryanair company would operate flights from Rome and Milan to Yerevan from 2020.
Pashinyan said his government is working to make the income tax even lower and provided guarantees to investors that their business will be protected.
“Armenia has bilateral treaties on investment promotion with 43 countries. Armenia is a member of International Centre for Settlement of Investment Disputes. Armenia has treaties on avoidance of double taxation and prevention of fiscal evasion with 46 countries. So, the investors are granted a number of guarantees,” he added.
The Prime Minister highlighted importance of Armenia’s access to the Eurasian Union market, and recalled that the Union has signed free trade area agreements with Singapore, Vietnam, Iran and Serbia.
“In a relatively short term we transformed Armenia into a country with equal opportunities for all, providing incentives for business and startups and making our country a better investment destination. My call is to join our efforts to build new Armenia, to make Armenia a competitive and attractive country to live,” he resumed.
