U.S. Ambassador to Armenia Richard Mills said that one of the key areas in exploring ways of expanding business ties with Armenia is the prospect of boosting U.S. direct investment.

The diplomat said this yesterday in his speech in front of members of American Chamber of Commerce.

“We’re proud that the United States is among the largest foreign direct investors here.  U.S. investment in Armenia got a real boost with Contour Global’s acquisition of the Vorotan Hydroelectric Cascade, a 250 million dollar deal that brings to Armenia the technical expertise and management techniques of one of America’s most innovative energy companies.  I want to emphasize that Contour Global made this investment, and received the support of the Armenian government, because it made good commercial sense”, said the U.S. Ambassador.

He also stressed that the U.S. Embassy cannot force U.S. businesses to invest in Armenia. According to him, it is up to Armenia to attract that investment.

In discussing U.S. investment in Armenia Richard Mills highlighted two recent activities the Embassy organized to boost U.S. investment in Armenia. U.S. Franchise Day in September, which brought several companies interested in franchise opportunities here to Yerevan, as well as hosting the U.S. Partnership Opportunity Delegation in October that explored cooperation in the renewable energy sector.  

The diplomat emphasized that the U.S. puts great emphasis on the regions while supporting the economic growth in Armenia. He mentioned that agricultural support programs now implemented by USAID currently provide about $12 million in assistance to boost the competitiveness of Armenian agriculture and grow the economies of rural communities.

Richard Mills also informed that a very exciting tourism initiative will be announced later this month.