Armenia's Economic Pulse

[Haykakan]

Re: Armenia's Economic Pulse

Gazprombank sells daughter company’s 100% shares to Armenia

09:28 • 11.10.16

Gazprombank has sold to Armenian investors the shares of Areximbank, its daughter company which faced US sanctions in September, RIA Novosti reports, citing a Russian credit organization.

“Gazprombank has sold 100% shares of Areximbank to an investor group in Armenia. At the same time, the bank remains committed to the implementation of investment projects,” reads an official press release issued after the transaction.

Gazprombank was reported to have suspended the management of the Armenian-Russian bank’s shares since October 7.

The Office of Foreign Assets Control, US Department of Treasury, imposed the sanctions upon Gazprom, Gazprombank and several other Russian companies’ affiliates on September 1.

Sources from Areximbank said the sanctions are not expected to affect their regular work or customer services.

http://www.tert.am/en/news/2016/10/11/gazprombank/2159004

[armnuke]

Re: Armenia's Economic Pulse

Armenian prime minister unveils new rules of game for State Revenue Committee

Armenian prime minister Karen Karapetyan introduced today the newly appointed State Revenue Committee chairman Vardan Harutyunyan to SRC staff, the government press office reported. Thankful for the work done by former SRC chairman Hovhannes Hovsepyan, the premier said he had gone a long way toward streamlining the SRC’s activities.

Congratulating Vardan Harutyunyan on appointment, the prime minister noted that he expected the newly appointed SRC head to make efficient efforts in his new position. Underlining the importance of the SRC as a frontline institution, Karen Karapetyan briefed the staff on the Committee’s operational targets and the rules of the game. In this context, the prime minister stressed the need to create a business-friendly environment for law-abiding citizens and economic entities.

“We often take measures against blacklisted entities without anticipating the impact they may have on those businesses working in the white field. The criteria should be as follows: we will refrain from such measures which can result in great benefits, but cause problems for law-abiding entities,” Karen Karapetyan said.

The prime minister considered it necessary to maximally reduce the inventory and the deadlines for delivery of documentation and references. The Premier specifically pointed out that he meant not only those references provided by the SRC, but also the ones due from other agencies. “Game rules should be possibly clear so that red tape and the number of references are minimized. No extra requirements should be set forth, if a country certificate is acceptable to us,” the Head of Government emphasized.

With reference to control prices, the Prime Minister highlighted the need for a mechanism to review their application on import of goods. The transaction price method is to be applied in assessing the customs value of goods based on the exporter’s invoice as approved by the customs authorities of the country of origin.

In the Premier’s words, while a lot of improvements have already been made, there is still much to do in this area. “For example, make out a white list of non-risky countries and accept their invoice price. I mean the countries where there is a VAT refund. We need to study this area in order to streamline it and curb the red tape by minimizing the field for application of reference prices. Businesses need to understand the rules of the game. I think we will succeed here.”

Karen Karapetyan stressed that was looking forward to a radical redesign of SRC officer’s image. “You must do everything so that law-abiding businesses and legal persons feel comfortable and, on the contrary, those entities working in the black field should beware of your intervention,” he said.
As the Prime Minister said, there should be a level playing field for everyone, and the tax authority must operate with maximum transparency to achieve this.

During the meeting, reference was made to the need for improving and expanding the scope of electronic transactions in SRC activities, reducing corruption risks arising in the course of administration, giving feedback and other issues of topical interest. In conclusion, the Premier said he looked forward to getting proposals and recommendations on structural changes in the SRC.

http://arka.am/en/news/economy/armenian_prime_minister_unveils_new_rules_of_game_for_state_revenue_committee/

[Artashes]

Re: Armenia's Economic Pulse

^^^
I am liking this new PM more and more.
He is directly cutting the avenues used by the oligarchs (black list). I can't help but think these greed ridden mansion dwellers are feeling a lotta heat right now, and it looks like their road ahead is even hotter.
Dear PM, burn these mofo's to a crisp.

[Haykakan]

Re: Armenia's Economic Pulse

Yerevan /Mediamax/. Armenian Prime Minister Karen Karapetyan said today that he attaches great importance to further development of ties with the European Union, which are based on shared values.

Prime Minister said this at the meeting with the Head of the European Union Delegation to Armenia, Ambassador Piotr Switalski.

Karen Karapetyan stressed that the Armenian Government is prepared to advance collaboration with the EU in economic cooperation, democracy, human rights, efficient management, etc.

Upon remarking that the 5th phase of the negotiations on the new EU-Armenia Framework Agreement will be held soon, Armenian PM expressed his confidence that the parties will successfully maintain the positive dynamics.

According to Karen Karapetyan, the Armenian Government is ready to expand the frames of cooperation with the EU in improvement of business environment, attraction of investment, installation of the European culture of management, and other directions.

Piotr Switalski expressed his hope that the appointment of Karen Karapetyan as Prime Minister will advance further strengthening of EU-Armenia collaboration.

The Ambassador noted that current saturated EU-Armenia agenda could predetermine long-term projects that will be established by the new Framework Agreement.

Piotr Switalski emphasized that the EU is interested in cooperation with Armenian Government in developing SMEs and improving the business environment.

http://www.mediamax.am/en/news/foreignpolicy/20250/

[londontsi]

Re: Armenia's Economic Pulse

.

[Haykakan]

Re: Armenia's Economic Pulse

Sergey Avetisyan finds Russia’s Pobeda Air Company’s arrival in Armenia very important






YEREVAN, October 27. /ARKA/. Arrival of Pobeda, an air company of Russia’s Aeroflot Group, will become an important precedent, Sergey Avetisyan, head of the Armenia's General Department of Civil Aviation, told journalists on Thursday.x

Russia's Pobeda Air Company will start operating flights from Shirak Airport in Gyumri, the second biggest city in Armenia, to Russia's Vnukovo and back in late November 2016.

The cheapest air tickets will be available for AMD 10,000, he said, and the upper benchmark will be not so high, since Shirak Airport’s competitive advantage is affordability of its tickets.x

Since Shirak Airport differs from Zvartnots Airport in quality, services here cheaper and passengers are exempted from air tax. x x

Avetisyan said that the Armenian side is negotiating now with other air companies.x

“The problem is that every air company should gauge demand for entering market, and Russia is the destination number one for Armenia, he said adding that arrival of every new player to the market impacts prices,” he said.x

“I don’t think air tickets in Armenia are low and market is diversified and free from problems, but we are working intensively and prices will be going down and progress is already obvious here.”x

The company will operate three flights a week. The price of one ticket is $21 (around AMD 10,000).x
Russia's media resources reported last week referring to the information received from Rosaviation that Pobeda had received permission for seven Moscow-Gyumri flights a week.x

Earlier, it obtained permission for flights from Rostov-na-Don to Yerevan.x

Pobeda is a low-cost air company of Aeroflot Group. The company operates flights to 58 destinations, including 8 international, by using 12 Boeing-737-800 airplanes. x

Two airports function now in Armenia – Zvartnots in Yerevan and Shirak in Gyumri. Both airports are run by Armenia – International Airports CJSC in accordance with the agreement signed with the Armenian government in 2001. The agreement implies a 30-year concession management.x

The Armenia – International Airports CJSC is owned by American International Airports, which belongs to Eduardo Eurnekian, an Argentine entrepreneur of Armenian descent. ---0----x

http://arka.am/en/news/business/sergey_avetisyan_finds_russia_s_pobeda_air_company_s_arrival_in_armenia_very_important_/

[Haykakan]

Re: Armenia's Economic Pulse

Armenia embarks on construction of section of north-south transport corridor in Syunik






YEREVAN, October 27. /ARKA/. Armenian transport, communication and information technology minister Vahan Martirosyan told a government Q&A session in parliament today that the construction of a section of the North-South transport corridor stretching through the southern region of Syunik has begun.

Last year the Eurasian Economic Union’s Anti-Crisis Fund, managed by the Eurasian Development Bank (EDB), approved a $150 million loan for Armenia to build the 20.5 km section of the transport corridor from the town of Agarak to Kajaran in Syunik,

The implementation of this project is expected to cut by 50% transport costs on the rehabilitated road sections, increase the average speed of traffic by 40%, cut also operating costs for the maintenance of the highway in good condition, create about 1,750 new jobs, boost transit traffic through the territory of Armenia from India, Iran and Pakistan and help to partially overcome the consequences of the transport blockade of Armenia by Azerbaijan and Turkey.

The indirect effects include increased access of farmers from remote areas to the consumer markets, retail and warehouse infrastructure in the central part of the country. It will make also basic health and educational centers more accessible to population of remote regions.

The first two sections of the transport corridor were inaugurated on December 29 last year. The first, six-lane section stretches from Yerevan to Artashat and the second four-lane section runs from Yerevan to Ashtarak..

The goal of North-South Transport Corridor project is to upgrade Armenia’s main corridor road as part of a broader thrust to improve connectivity, and boost trade, growth and livelihood opportunities in the Caucasus and Central Asia sub-regions.

Funds are being released by the Asian Development Bank and the Eurasian Development Bank periodically through multi-tranche financing facilities. The transport corridor will stretch from the southern Armenian town of Meghri, on the border with Iran, to Bavra in the north on the border with Georgia.x

Currently the construction of the road is underway from Artashat to Ashtarak and from Ashtarak to Talin. The ministry xis planning the implementation of separate smaller projects at various sections of the road in order to end the construction both in southern and northern directions by 2019. --0--

http://arka.am/en/news/business/armenia_embarks_on_construction_of_section_of_north_south_transport_corridor_in_syunik/

[Zeytun]

Re: Armenia's Economic Pulse

Armenia embarks on construction of section of north-south transport corridor in Syunik






YEREVAN, October 27. /ARKA/. Armenian transport, communication and information technology minister Vahan Martirosyan told a government Q&A session in parliament today that the construction of a section of the North-South transport corridor stretching through the southern region of Syunik has begun.

Last year the Eurasian Economic Union’s Anti-Crisis Fund, managed by the Eurasian Development Bank (EDB), approved a $150 million loan for Armenia to build the 20.5 km section of the transport corridor from the town of Agarak to Kajaran in Syunik,

The implementation of this project is expected to cut by 50% transport costs on the rehabilitated road sections, increase the average speed of traffic by 40%, cut also operating costs for the maintenance of the highway in good condition, create about 1,750 new jobs, boost transit traffic through the territory of Armenia from India, Iran and Pakistan and help to partially overcome the consequences of the transport blockade of Armenia by Azerbaijan and Turkey.

The indirect effects include increased access of farmers from remote areas to the consumer markets, retail and warehouse infrastructure in the central part of the country. It will make also basic health and educational centers more accessible to population of remote regions.

The first two sections of the transport corridor were inaugurated on December 29 last year. The first, six-lane section stretches from Yerevan to Artashat and the second four-lane section runs from Yerevan to Ashtarak..

The goal of North-South Transport Corridor project is to upgrade Armenia’s main corridor road as part of a broader thrust to improve connectivity, and boost trade, growth and livelihood opportunities in the Caucasus and Central Asia sub-regions.

Funds are being released by the Asian Development Bank and the Eurasian Development Bank periodically through multi-tranche financing facilities. The transport corridor will stretch from the southern Armenian town of Meghri, on the border with Iran, to Bavra in the north on the border with Georgia.x

Currently the construction of the road is underway from Artashat to Ashtarak and from Ashtarak to Talin. The ministry xis planning the implementation of separate smaller projects at various sections of the road in order to end the construction both in southern and northern directions by 2019. --0--
http://arka.am/en/news/business/arme...dor_in_syunik/

http://northsouth.am/en/news/show/128/10

[Haykakan]

Re: Armenia's Economic Pulse

Open Letter Calls Upon Global Armenians to Unite and Together Enable a Better Future for Armenia
October 28, 2016
NEW YORK, YEREVAN – The global Armenian community must do more to deliver a successful future for the nation that is economically and socially secure, according to an open letter published today and signed by a group of high profile Armenians around the world.
The letter was issued on the occasion of the 110th anniversary celebrations of the Armenian General Benevolent Union (AGBU) in New York. The signatories include Ruben Vardanyan, Noubar Afeyan, Vartan Gregorian, Charles Aznavour, Lord Ara Darzi, Ambassador Edward Djerejian, the Honorable xxxxran Tevrizian, and Samvel Karapetyan, as well as a number of other supporters. Beyond noting the major milestone represented by this anniversary, the letter highlights the critical challenges ahead and the need for unprecedented action and commitment from Armenia and Armenian diaspora communities. The open letter was published in The New York Times, based in the U.S., and the Haiastani Hanrapetuthiun, based in Armenia.
The group called upon “Global Armenians” – those who consider themselves both Armenians and global citizens – to recognize that the Armenian community today stands at a crossroads. Twenty-five years into independence and 100 years after the devastating Genocide, Armenia remains vulnerable as a nation. Through investment and collaboration, this group believes that Global Armenians can play a transformative role in developing a prosperous, secure and peaceful region.
“Armenians around the world must work together to ensure that our Armenia can reach its full potential as a world-leading nation,” said Noubar Afeyan, member of the board of the IDeA Foundation of Armenia and of the AGBU. “This will require an unprecedented commitment from the global Armenian community. We need to invest time, expertise, relationships and money to create and champion initiatives that will drive Armenia into the future it deserves. Delaying action and investment will mean that a vulnerable state remains at risk – and the alternative, remaining unengaged, is indefensible.”
“Many great civilizations in the history of humanity have disappeared into oblivion. Each one of them represents a permanent loss of culture, language and religion for all humanity. We have to keep this in mind as it could happen to Armenians as well,” said international singer and diplomat Charles Aznavour. “This is the goal of our enemies whoever they may be, aided by those who make a profit or choose to turn a blind eye. However the greatest threat comes from within us, and it is through inaction.”
Inviting individuals as well as public and private organizations to join this commitment, the letter asks that institutions dedicated to the advancement of Armenia pool resources to continue the work laid by previous philanthropic initiatives that have built vital institutions and capabilities in the country.
“Armenia needs support from its worldwide community if it is to succeed. While a number of initiatives are underway by various groups that demonstrate a record of success, delivering programs that have impact on the people of Armenia and the Armenian diaspora, there is still a great deal of work left to be done,” said, Ruben Vardanyan, member of the board of the IDeA Foundation of Armenia and of the AGBU. “We ask all Armenians to join with us to advance our country’s culture and infrastructure, and propel Armenia into a successful and sustainable future.”
Global Armenian leaders see the challenges facing Armenia and Armenians today as an opportunity to pivot to a future of prosperity and transform the Armenian Republic into a thriving, secure, democratic homeland for a global nation. They believe that the time has come for the Armenian community to engage and unite to successfully secure long-lasting socio-cultural and economic improvement for the nation.

https://www.IDEA.am

x

[Zeytun]

Re: Armenia's Economic Pulse

A Large Business In A Small Village:

It’s always difficult to establish a new small or medium-sized enterprise or develop business production in rural areas, especially in the villages next to the border. The lack of communications, logistics, roads and resources often turns entrepreneurs away. However, a businessman from Tavush region managed to open a huge glove factory in Choratan, a village near the Armenia and Azerbaijan border. Now, there are 150 employees working there. Every day, they produce thousands of pairs of gloves to export to Russia.