MONTHLY NEWSLETTER MARCH 2023
Meeting with Mr. Vahan Kerobyan, RA Minister of Economy March 03
On March 03, 2023, AmCham Armenia members had a meeting with Mr. Vahan Kerobyan, the Minister of Economy of the Republic of Armenia. The event took place at The Alexander, A Luxury Collection Hotel, in Yerevan.
AmCham President Ashot Hovanesian welcomed the guests and opened the event.
During the event, Mr. Kerobyan provided valuable updates on the Government Program that were presented to AmCham members in 2021. Later, our members had the unique opportunity to discuss important issues related to the business climate in Armenia and ask more than 20 questions during the Q&A session.
The event concluded with an informal reception, where AmCham members had the opportunity to network and build valuable connections in a relaxed atmosphere.
At AmCham, we consider public-private dialogue to be of utmost importance, and we are convinced that meetings such as this provide a valuable platform for timely feedback from the private sector for the successful implementation of government programs. We are delighted to have facilitated such a productive and insightful discussion and look forward to hosting more events of this nature in the future.
“Investor Day for Tech” by Enterprise Armenia March 11
On March 11, 2023, AmCham Board attended the “Investor Day for Tech” organized by Enterprise Armenia with the support of USAID. The representatives of AmCham member companies Tigran Jrbashyan (Ameria), Hovik Musayelyan (Synopsys Armenia), Arsen Baghdasaryan (DataArt Armenia), and Beniamin Gyurjyan (EPAM Armenia) were moderators/ panelists at the event.
RA NA Vice President Hakob Arshakyan delivered a welcome speech at the event. He spoke about the latest developments in the IT sector. According to Arshakyan, in 2022, for the first time in the history of Armenia, a circulation of more than 1 billion dollars was recorded in the sphere of the high-tech industry. The number of employees in the sector exceeded 40 thousand for the first time.
Touching upon the activity of Enterprise Armenia, the NA Vice President highlighted the structural support in the issues of investment support and involvement of such organizations in our country.
The RA Deputy Prime Minister Tigran Khachatryan, the RA Minister of High-Tech Industry Robert Khachatryan, the Chief Executive Officer of Enterprise Armenia Investment Support Center Levon Ohanesyan, the U.S. Ambassador Extraordinary and Plenipotentiary to Armenia Kristina Kvien also gave speeches during the event.
From the viewpoint of sector development, the effective cooperation between the business sector and state bodies has been highlighted. The necessity of training new specialists in the sphere was emphasized, and the reforms aimed at improving the operating conditions of the IT sector companies were highlighted.
Then, in the format of panel discussions, the issue of our country’s workforce in the sphere, the quality of education in some professions, as well as the problems of implementing general data protection regulations were addressed.
MARCH
EVENTS
Meeting of the Standing Committee of
March 13 Financial Credit and Budgetary Affairs at RA NA
On March 13, 2023, AmCham Executive Director Lilit Gevorgyan and the President of the Association of Credit Organizations of RA (ACORA) Luiza Igraryan, were invited to participate in a meeting of the Standing Committee on Financial-Credit and Budgetary Affairs at the National Assembly of Armenia. One of the agenda items was the amendment to the RA Law on Currency Regulation and Currency Control. The position of AmCham members regarding the proposed draft and the potential risks were presented during the committee meeting.
UEICT: Representatives of Armenian Business Associations March 14 meet Mr. Babken Tunyan and Ms. Anahit Avanesyan
On March 14, 2023, the members of AmCham WG on Comprehensive Health Insurance and representatives of UMBA participated in the joint meeting with Mr. Babken Tunyan, the Deputy Chair of the Standing Committee on Economic Affairs, and Ms. Anahit Avanesyan, the Minister of Health of RA. The meeting was initiated by UEICT, as the follow-up of the joint Press Conference on 03.02.2023.
AmCham Board and Gold Members meeting March 15 Mr. Tigran Khachatryan, RA Deputy Prime Minister
On March 15, 2023, Mr. Tigran Khachatryan, the Deputy Prime Minister of RA hosted the AmCham Board and Gold members at the RA Government. The meeting started with the presentation of macroeconomic indicators for 2022, the country’s economic growth and fiscal policy in Armenia by Mr. Khachatryan.
After the presentation, Mr. Ashot Hovanesian, the AmCham President asked the Deputy Prime Minister to discuss several topics of concern of AmCham members, namely:
• Comprehensive Health Insurance initiative
• Difficulties of export-oriented companies due to the exchange rate fluctuations
• Progress on the “Extended Producer Responsibility” initiative and the pilot
• Government policy regarding repatriates/relocated people
• Impact of the Russia-Ukraine War on the Armenian Economy
• Reforms targeting attraction of foreign investment
The Deputy Prime Minister answered these questions in detail, providing insight into government policies and initiatives aimed at addressing these concerns. He acknowledged the challenges faced by the private sector and stressed the importance of data-driven decisions and productive collaboration between the public and private sectors.
Mr. Khachatryan assured the attendees of the Government’s commitment to promoting a favorable business environment and addressing the challenges faced by foreign investors. He also expressed his willingness to work closely with AmCham/private sector to identify and address specific issues.
THANK YOU to AGM 2023 Gold Sponsors!
On 23 March 2023, the American Chamber of Commerce in Armenia (AmCham) held its General Meeting (AGM), one of the AmCham’s benchmark events taking place every two years. The meeting was chaired by AmCham President Ashot Hovanesian.
The AGM was attended by H.E. Ms. Kristina Kvien, U.S. Ambassador to Armenia, Extraordinary and Plenipotentiary. Ambassador Kvien addressed the AmCham community, highlighting the strong partnership between the United States and Armenia and outlining her economic priorities in Armenia.
The Deputy Prime Minister of the Republic of Armenia, Mr. Mher Grigoryan and the Minister of Economy of the Republic of Armenia, Mr. Vahan Kerobyan delivered their opening remarks. The Deputy Chair of the Standing Committee on Economic Affairs of the National Assembly of the Republic of Armenia, Mr. Babken Tunyan, and the Deputy Minister of Finance Mr. Arman Poghosyan also attended the event.
During the AGM, the report by AmCham Armenia was presented, including the execution of 2021-2023 AmCham strategy, activities, and financial standing as well as the outline of organizational priorities and plans.
The biennial election of the Board of Directors also took place at the AGM. Prior to the election, nominated candidates had an opportunity to deliver short remarks on their vision and how they intend to further contribute to AmCham’s strategic goals.
AmCham’s Board of Directors, including President, two Vice Presidents, and nine Board Members have been elected for two-year term, commencing in 2023.
Ms. Elina Markarian, Corporate Affairs & Sustainability Director, Coca-Cola HBC has been elected as the President of the American Chamber of Commerce.
Ms. Irina Seylanyan, CEO, HSBC Bank Armenia, and Mr. Karen Garaseferyan, Corporate Development Lead, JTI Armenia were elected to serve as the First Vice President and Second Vice President/Treasurer, respectively.
The General Meeting also elected the 9 Directors, as follows:
• Mr. Tigran Jrbashyan, Director of Management Advisory Services, Partner, Ameria
• Mr. Nerses Nersisyan, Partner, Head of Tax and Legal, KPMG Armenia
• Mr. Dagen Valentine, Country Director, American Councils for International Education
• Mr. Gagik Gyulbudaghyan, Managing Partner, Chairman of the Board, Grant Thornton Armenia
• Ms. Irina Dumanyan, CEO, Siemens Industry Software
• Mr. Ashot Hovanesian, Founder & CEO, Synergy International Systems
• Ms. Viktoria Poghosyan, Manager External Affairs, Philip Morris Armenia
• Mr. Varoujan Avedikian, Managing Partner, TK & Partners Legal and Advisory
• Mr. Gevorg Goyunyan, CFO, American University of Armenia
AmCham General Meeting 2023 March 23
Working Debate at NA Standing Committee March 24, 2023 on Labor and Social Affairs
On March 24, the Chair of the NA Standing Committee on Labor and Social Affairs Heriknaz Tigranyan and the Committee members Mariam Poghosyan, Gayane Yeghiazaryan and Aghvan Vardanyan met with the Representatives of the American Chamber of Commerce in Armenia.
The basis of the working debate was the draft of the Labor Code, which was debated in the NA sitting last week and adopted in the first reading, within the framework of which some issues arose that, according to the representatives of the business sector, need to be regulated.
Online Meeting with Mr. Kyriakos Parpounas, an expert in March 24 Extended Producer Responsibility (EPR) and Deposit Return Scheme (DRS) systems
On March 24, 2023, AmCham Armenia held an online meeting with Mr. Kyriakos Parpounas, an expert in Extended Producer Responsibility (EPR) and Deposit Return Scheme (DRS) systems. The meeting was attended by industry members and AmCham Sustainable Development Committee members and focused on the establishment of a Producer Responsibility Organization (PRO) in Armenia.
The meeting began with a discussion of the steps necessary to establish a PRO, including the roles and responsibilities of its members, policies, and legislation, and funding sources. The group also touched upon the issue of electronic waste and the need for proper disposal and management of these materials.
The conversation then turned to the structure of the PRO, including the founding members, Board composition, supervision, budget allocation per company, and membership requirements. The group also discussed the government’s vision for EPR or DRS systems in Armenia and the role of industry leadership in promoting sustainable practices.
The meeting concluded with a Q&A session, during which attendees asked questions about the specific challenges of implementing a PRO in Armenia and the potential benefits for industry members and the broader community.
Overall, the meeting provided valuable insights into the steps necessary to establish a PRO in Armenia and the potential benefits of such a system for the environment and the economy. The engagement of industry members and the AmCham Sustainable Development Committee highlights the importance of public-private partnerships in advancing sustainable development goals and promoting responsible business practices.
Shtigen: “Innovative financial instruments and
March
31 private sector’s role in fueling green business” forum
On March 31, 2023, Shtigen Group of Companies, an active member of the American Chamber of Commerce in Armenia, held a successful forum titled “Innovative financial instruments and private sector’s role in fueling green business.”
The opening ceremony featured speeches from high-ranking representatives from the Government and the Central Bank of the Republic of Armenia, as well as the heads of the Shtigen Group of Companies. The discussions focused on the latest trends in green energy development in Armenia and the world, the challenges of green financing, and the role of pension and venture funds in overcoming these challenges while attracting private capital.
The panel discussion was highly informative and provided valuable insights for participants. The event was attended by business leaders, government officials, and representatives from various sectors of the economy.
Discussion on changes in Advertisement Law March 31 of Armenia in RA MoE
On March 31, 2023, AmCham members and representatives of other business associations participated in a discussion on changes in Advertisement Law of Armenia organized by RA Ministry of Economy.
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GOOD TO KNOW
EPAM: First Web Programming Olympiad in Armenia
We congratulate the winners of the first Web Programming Olympiad in the country, held by the European University of Armenia and EPAM Armenia. 60 students from 12 universities and colleges across Armenia tried their hand at practical-oriented tasks, prepared by EPAM Armenia experts Hovhanness Gasparyan and Seda Movsisyan. Heghine Bisharyan (EUA Rector) and Beniamin Gyurjyan (Head of EPAM Armenia) congratulated the winning teams:
· Levon Eilazov and Albert Safaryan (European University of Armenia) - 1st place
· Davit Makaryan, Styopa Gukasyan, Varuzhan Gevorgyan, Aram Badalyan (Yerevan State College of Informatics) - 2nd place
· Roza Shamamyan, Davit Babajanyan, Emma Yeghoyan (Yerevan State College of Humanities) - 3rd place
EPAM Armenia welcomes the opportunity to encourage young developers to grow in their chosen profession and help them evolve in line with the demands of the industry. We asked the winners to share their experience, personal tips and plans for the future:
We wish them good luck!
