Special Address by H.E. Mr. Robert Kocharian, Hon'ble President of Armenia

Distinguished participants,
Ladies and Gentlemen,

I welcome the Armenian-Indian Business Forum, its participants and guests.

The strengthening of bilateral economic ties and deepening our cooperation is one of the main purposes of my visit to India. The high level of political relations, as well as our geographic location creates the possibility of giving a new quality to our economic relations.

It is evident that the economic ties between Armenia and India do not fully represent the existing capabilities. The trade turnover between our two countries is also undersized. In 2002 it constituted only 4.7 million US dollars.

The lack of information about each other shall be blamed as one of the main reasons for such a situation. I appreciate this forum as an attempt to fill that gap.

You have been already introduced to the economic situation in Armenia and its indicators. So I will touch upon some further issues.

There is indeed a favorable environment in Armenia for foreign investments and business activities. We already have success stories of Indian business community succeeding in Armenia and no single instance of failure. Two large investment projects have been implemented in Armenia with the participation of Indian capital in the gold recovery and diamond-cutting sectors.

Armenia's liberal legislation, the intellectual resources together with the highly educated labor force create favorable investment climate. Our purpose is to turn Armenia into the regional center in such fields as intellectual services, science, education and health.

The fields of information technologies, jewelry, diamond-cutting, textiles, food processing and agriculture undergo dynamic development. There is significant potential in chemistry, pharmacology, and electronics. We should also mention tourism, which beyond economic benefits will provide cultural dividends as well. It will further enhance the traditional historic ties between our nations.

Armenia is a stable, peaceful, democratic country, a member of the World Trade Organization. It has a functioning legal system and legislation, which protects the rights of investors. I am confidant that for the Indian business community now is the high time and Armenia is the right place for unfolding their business.

Armenia is a small country, uncomparable with Indian scale but very interesting perspective.

Ladies and Gentlemen,

I attach great importance to this business conference. I sincerely hope that the forum will proceed effectively. I hope that the ideas shared and the practical suggestions made here will come to life in the nearest future. I believe that additional steps can be made in this direction through the organization of exhibitions of industrial products, intensification of direct business contacts, extension of information sharing.

Thank you for your attention. For everyone present here, I wish success in further advancing Indo-Armenian economic cooperation.

Now I will be happy to take questions.