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“Armenia takes interest in Singapore’s development record and experience, which can be useful in the process of our reforms” - PM meets with Singapore business community representatives


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Prime Minister Nikol Pashinyan’s official visit to Singapore continues. On July 8, Prime Minister Pashinyan and the members of his delegation attended a round table, held with representatives of the Singapore Business Federation Foundation (SBFF).

Welcoming the guests, SBBF Executive Director Ho Meng Keith, stressed the importance of the meeting with the Prime Minister of Armenia and the government delegation, which is a good opportunity to develop the Armenian-Singaporean business ties, reinvigorate them and initiate joint projects. He noted that the Singaporean business circles are eager to start business activities in Armenia and, therefore, they wish ti get acquainted with our country’s investment opportunities and discuss cooperation prospects.

Mr. Ho Meng Kit noted that the free trade agreement between the Eurasian Economic Union and Singapore will be an effective tool for promoting business ties, and Armenia can become an important platform for entering third-country markets.

Prime Minister Nikol Pashinyan noted that he was pleased to visit the Singapore Business Federation Foundation and discuss the development of economic ties. “We entertain high-level political relations, and I hope that after this visit they will be further strengthened and economic cooperation will be intensified. Armenia is in a process of economic transformations as we are working to create favorable conditions for economic growth and entrepreneurship,” the Prime Minister said. He touched upon the reforms initiated by the Government of Armenia, dwelling on the steps aimed at improving tax and customs administration and implementing judicial reforms in order to provide a system of guarantees for the protection of foreign investments.

Nikol Pashinyan stressed that last year’s velvet revolution in Armenia and the ensuing drastic political changes did not cause economic upheavals; the banking system continued to operate in a sustainable way and there were no cases of redistribution of property.

The head of the Armenian government presented the macroeconomic indicators of recent months, stressing that they continue upwards. He referred to those areas strong with cooperation potential: information technology, air traffic, tourism, including eco-and gastro-tourism, food industry, infrastructure development, etc.

“Armenia takes interest in Singapore’s development record and experience, which can be useful in the process of our reforms. We are keen to share know-how and implement joint investment programs,” Nikol Pashinyan pointed out.

High-Tech Industry Minister Hakob Arshakyan presented the potential inherent in Armenia’s IT sector, the development trends, the activities carried out in the field of digitization and cooperation opportunities, while Senior Adviser to Prime Minister Arsen Gasparyan elaborated on the potential available in different sectors of the economy and the promising areas of cooperation.

The SBFF representatives thanked the Armenian Prime Minister and his delegation for imparting detailed information on Armenia’s investment opportunities and went on to assure of their willingness to invest in our country: to this end, they are planning to visit Armenia in the near future.

The meeting was attended by top executives and representatives from companies engaged in the processing industry, hotel management, textile industry, import and export of agricultural products, IT, etc. The sides agreed to organize reciprocal visits of business delegations to get to know on the spot each other’s investment and interaction opportunities.

Prime Minister Pashinyan advised that Armenia will be hosting the annual World IT Congress this October and, taking the opportunity, invited Singaporean IT companies to attend that important high-tech event.

The Executive Director of the Singapore Business Federation Foundation said he would forward the Prime Minister’s invitation to the leadership of Singapore’s relevant association.

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