“The investment potential of Armenia can be significantly increased if the digital agenda is implemented”

"The investment potential of Armenia can be significantly increased if the digital agenda is implemented," stated Edgar Karapetyan, business consultant and director of strategic innovations of the Galaxy group of companies, at the Buissup Conference forum.

According to him, the maximum digitalization of the business and public administration systems can contribute to the inflow of investments. Karapetyan noted that the solution to this problem is possible with the effective use of modern digitalization and information technologies. According to the expert, the Galaxy group of companies is following new projects and ideas, and there is a great potential for business development in Armenia.

“There should be as many such projects as possible. They enable young people to be involved in business through the more effective use of innovative technologies. This will also enable business companies to attract young people into their ranks,” Karapetyan said.

Armenian economist: “There are no problems with investments in Armenia”

"There are no problems with investments in Armenia. The country needs to form teams with the necessary skills," stated a member of the Board of Trustees of the Ayb Educational Foundation, Aram Pakhchanyan, in an interview with journalists on the sidelines of the Buissup Conference.

"There are no problems with finances in Armenia, and investment funds are teeming in Armenia. There were a lot of them at the last investment forum. They were all looking for start-ups here. Armenia has one problem - it does not have formed, persistent teams that are ready to achieve big goals and make efforts for this, and also have enough skills,” he said, emphasizing the need to grow such teams.

Pakhchanyan noted the potential, talent, and ideas to answer the question about why investors should invest in Armenia. According to him, Armenia will be a very developed country in the future, so it is now necessary to create businesses in the republic that will find their place in a developed country. "We cannot create businesses applicable only in backward countries unless the latter is our market. The future business in Armenia must be global and progressive in its ideology, structure, ideas, and mission," he said.

Kazakhstan ratifies agreement on supply of petroleum products to Armenia

President of Kazakhstan Kassym-Jomart Tokayev signed a law ratifying an agreement between the governments of Kazakhstan and Armenia on supplying petroleum products to Armenia.

“Considering that Russia is the main supplier of oil products to Armenia, possible deliveries of Kazakh products will be determined on a residual basis,” the statement noted.

The agreement also provides for a ban on deliveries in excess of the volumes provided for by the indicative balances of the parties.