Deputy Prime Minister Tigran Khachatryan chaired the 19th session of SME Development Council Meeting

On January 25, Deputy Prime Minister Tigran Khachatryan chaired the 19th session of the SME Development Council, which was held with the newly elected 11 member-organisations. John Gallagher, Ambassador of the United Kingdom to Armenia, George Akhalkatsi, Head of the Yerevan office of the European Bank for Reconstruction and Development, high-level representatives of Ministries and other state bodies participated in the meeting.

Number of legislative changes, including the introduction of flexible legal regulations for remote and hybridwork, the introduction of a legal regulatory framework for "Simple Agreement for Future Equity - SAFE" contracts in Armenia, as well as simplification of dividends payments by LLCs were discussed and agreed to be proceeded to the Government's agenda.

At the beginning of the session, a number of previously discussed and developed project packages were summarized, including the issue of untimely payments to small and medium-sized suppliers by large commercial networks.  It was decided that within two months time the developed package should be reworked and proceeded to be discussed at the Government session.

Welcoming the newly elected members of the Council, the Deputy Prime Minister expressed his confidence that this format of public-private dialogue will continue to be an effective platform for identifying issues of concern to business community and making the voice of the private sector heard in the policy-making process. Expressing his gratitude to the members of the Council, the Deputy Prime Minister expressed hope that the close partnership, established during this period with the public administration bodies will continue to serve further improvement of the business environment in Armenia.

George Akhalkatsi, Head of the Yerevan office of the European Bank for Reconstruction and Development, emphasized the importance of the willingness of state bodies to have a direct dialogue with the business community, saying that one of the key approaches of the EBRD is to support the institutional dialogue of the public-private community along with the economic investments, and Armenia was the first country in the region, where such platform was created and discussions of such a format have become a reality for quite a long time. In 2022, the Investment Council of Armenia celebrated its 15th Anniversary by presenting the large portfolio of reforms, which once again confirmed the importance of this type of dialogue and its efficiency.

The Ambassador of the United Kingdom to Armenia, John Gallagher, who was present during the session, noted that the Investment Council of Armenia proved to be successful in working with the Ministry of Economy to provide independent and effective advice on regulatory and legislative issues in Armenia. The Ambassador emphasized the importance of approach and vision of Armenian Government, that reinforced this institutional platform for open policy dialogue through regular SME Development sub-Council and Council meetings. These are highly important actions to ensure favourable business environment for all private sector actors. Engagement of SMEs in policy discussions and effective public-private dialogue can be a powerful driver of reforms in the country.

More information about the IC Armenia's current work and developed reforms can be found in the "News" section of the website, information about the reforms, both adopted and currently being developed, is published in the "Reforms" section of the website.