Photo Report: Prime Minister Meets with Representatives of Singapore's Business Community

The official visit of Armenian Prime Minister Nikol Pashinyan to Singapore continues. On July 8, Prime Minister Pashinyan and members of his delegation held a roundtable discussion with representatives of the Singapore Business Federation.

Welcoming the guests, Executive Director of the Singapore Business Federation Ho Men Kit emphasized the importance of the meeting with the Armenian Prime Minister and the government delegation. According to him, it is a great opportunity to develop Armenian-Singaporean business ties, revitalize them, and initiate joint projects. He noted that Singaporean businessmen are interested in engaging in various sectors in Armenia and are ready to explore the country’s investment opportunities and discuss prospects for cooperation.

The Executive Director of the Singapore Business Federation also pointed out that the free trade agreement to be signed between the Eurasian Economic Union and Singapore is another viable opportunity for activating business connections, and Armenia can serve as an important platform for reaching third-country markets.

Prime Minister Nikol Pashinyan expressed his pleasure at being hosted by the Singapore Business Federation and discussing issues related to the development of economic ties. “Our political relations are at a high level. I hope that following this visit, they will be further strengthened and economic cooperation will also become more active. Armenia is in the process of economic transformation, and we are continuously working to create favorable conditions for economic growth and business activities,” emphasized the Prime Minister of Armenia.

The Prime Minister addressed the reforms initiated by the Armenian government, discussing steps being taken to improve the tax and customs sectors, as well as legal reforms aimed at creating guarantees for the protection of foreign investments. Nikol Pashinyan stated that the Velvet Revolution in Armenia last year and the radical political changes did not lead to economic shocks; the banking system continued to operate stably, and no cases of property redistribution were recorded, which was due to the non-violent and peaceful nature of those events.

The government chief presented the macroeconomic indicators of recent months, noting that they continue to show growth and highlighted the sectors where there is potential for cooperation: information technologies, air transportation, tourism, including eco-tourism, gastronomic tourism, food industry, air transportation, infrastructure, and more.

“The path of development of Singapore and its accumulated experience are interesting for Armenia and can be beneficial in our further reform processes. We are interested in exchanging experiences and implementing joint investment projects,” added Nikol Pashinyan.

Then, Minister of High Technology Industry Hakob Arshakyan presented Armenia’s IT sector potential, development trends, ongoing digitalization efforts, and opportunities for cooperation, while the Chief Advisor to the Prime Minister, Arsen Gasparyan, detailed the potential in various sectors of the Armenian economy and promising directions for cooperation.

Representatives of the Singapore Business Federation thanked the Armenian Prime Minister and his delegation for providing detailed information about investment opportunities and noted that they are interested in investing in our country. They plan to visit Armenia soon to explore those possibilities.

The meeting was attended by leaders and representatives of companies specializing in the processing industry, hospitality, textile industry, agricultural products import and export, and information technologies. An agreement was reached to organize reciprocal business delegations between Armenia and Singapore to familiarize themselves with investment and collaboration opportunities on the ground.

Prime Minister Nikol Pashinyan also informed that the annual Global Congress on Information Technology will take place in Armenia this October and invited Singaporean IT companies to participate in this important event in the field of advanced and information technologies.

The Executive Director of the Singapore Business Federation acknowledged that he would pass on the information and invitation to the leadership of the relevant association in Singapore.