Deputy Ministers of Economy of Armenia Arman Hovnanyan and Avag Avanesyan attended the official presentation of the Investment Policy Review of Armenia held during the United Nations Conference on Trade and Development (UNCTD) in Geneva, reports the Ministry of Economy.

The Review was prepared based on the existing legislation of the Republic of Armenia and several discussions held with Armenia’s private organizations, diplomatic missions and international organizations, and the UNCTD experts were engaged in the development of the Review at the initiative of President of the Republic of Armenia Armen Sarkissian. The Review earmarks the main areas of Armenia’s investment policy, taking into consideration the reforms that have already been launched and the upcoming reforms.

In his opening remarks, Armenia’s Resident Representative to the United Nations Office at Geneva, Ambassador Extraordinary and Plenipotentiary of the Republic of Armenia to the Swiss Confederation Andranik Hovhannisyan stated that Armenia is moving towards an economic revolution and is currently taking actions to modernize the business climate.

Armenia’s Deputy Minister of Economy Arman Hovnanyan touched upon several recommendations made in the Review and the Armenian government’s reforms.

Several sectors with the potential for the country’s development were emphasized during the discussion on the Investment Policy Review of Armenia, including high technologies, tourism, textile industry, winemaking, agriculture, etc. The prospect for the development of several sectors that are likely to have potential was explored, and those sectors are business outsourcing, regional logistics, food safety, repair and servicing of airplanes, etc.