Armenia to create new conditions for startups – premier

Armenia will create new conditions for start-ups, Armenian Prime Minister Tigran Sargsyan stated at a forum on Friday.Participating in the forum were representatives of the Black Sea Trade and Development Bank (BSTDB), Armenian government officials, economic and financial experts and representatives of the Central Bank of Armenia (CBA).CBA Chairman Artur Javadyan, Minister of Finance Vache Gabrielyan, representatives of Armenia's banking system were among the participants.The Armenian premier's speech was based on the government's 5-year program. He presented Armenia's priorities – promotion of free economic competition, creation of competitive economy with great export potential, promotion of small and medium businesses, human capital development, etc…"I would like to mention what we conventionally call 'guillotine.' It was created with donor assistance. The aim is to 'guillotine' all the excessive procedures that create unnecessary risks in opening up and running businesses," Tigran Sargsyan said.In presenting the new industrial policy, the Armenian premier expressed the confidence that agreements between the government and private sector will be of interest to both private investors and the BSTDB. Armenia is interested the BSTDB's involvement in the programs.From 2011 to 2014, the BSTDB investments in Armenia are to reach €50m, with an emphasis on infrastructures and energy savings, small and medium enterprises and export promotion.At end 2010, BSTDB active portfolio in Armenia amounted to 10 operations approved by the Board of Directors (BoD), involving an investment of EUR 52.7 million. Armenia ranks ninth in terms of BoD approved operations, with 4.6% of the total portfolio and signed operations with 5.2% of the total portfolio. The country ranks sixth in terms of outstanding financing, with 5.9% of the total portfolio.Based on the 2011- 2014 Business Plan, the Bank would expect on average to approve new oper ations in Armenia for approximately EUR 10-15 million per year or approximately EUR 51 million over the four year period.
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