Highlights from the Annual SME Development Council Year-End Session

Under the leadership of Deputy Prime Minister Tigran Khachatryan, the Small and Medium Business Development Council took place on November 29 and December 5.

The SME Development Council under the leadership of Deputy Prime Minister Tigran Khachatryan receives professional support from EBRD-backed Investment Council of Armenia, which is supported by the UK Government's Good Governance Fund. 

The session spotlighted initiatives to boost the economic activity of individuals displaced from Nagorno-Karabakh, emphasizing the imperative of a collaborative effort between the government and private sectors. Discussions focused on the prerequisites for professional training and employment opportunities for displaced persons.

Addressing the efforts of business leaders in training skilled professionals, there was a consideration of potential revisions to technical requirements for educational programs. Following the Deputy Prime Minister's recommendation, further discussions will be held with relevant departments to formulate a set of mutually agreed-upon recommendations.

The agenda proceeded to discuss regulations aimed at streamlining the examination process for the export of non-dual purpose goods and the import of non-military goods, thereby eliminating the need for double examination.

A consensus was reached on introducing legal regulations for concluding financing (factoring) contracts in exchange for the concession of a monetary claim arising from a purchase contract. The Ministry of Economy will circulate the reform project for review.

Stay updated on the ongoing reforms by following our page for the latest developments.