On 4 October 2022, the Chamber of Commerce hosted a country seminar and B2B meetings with Armenian companies coming to Luxembourg on the occasion of the 30th anniversary of diplomatic relations between Luxembourg and Armenia. Mr. Carlo Thelen, CEO of the Chamber of Commerce, and Mr. Franz Fayot, Luxembourg Minister of the Economy, welcomed Dr. Armen Arzumanyan, Deputy Minister of Economy and Mr. Tigran Balayan, Armenian Ambassador to the Netherlands and Luxembourg. The discussions focused on how to better connect Luxembourg and Armenian business communities, as well as to foster partnerships, trade and economic ties between both countries. The Armenian side pointed out the exemplary experience of Luxembourg in business promotion "Go International”.
In the framework of the introductory seminar, Enterprise Armenia, the national investment promotion authority of Armenia, presented the country's economic overview and its taxation system to the participants of the event. The desire of Armenia to strengthen international trade resulted in 43 promotion and reciprocal protection of investments agreements, as well as 50 double-taxation and prevention of fiscal evasion agreements between Armenia and countries worldwide. The Armenian promising sectors include IT, tourism, smart agriculture, textile and shoemaking, food processing, pharmaceutical, beverages and winemaking.
Also, the Armenian delegation focused on the vibrant economic ecosystem of this Transcaucasian country. One of the advantages of the Armenian market is an easy business registration procedure that takes up to 30 minutes with minimal paperwork requirements and minimal expenses. The Armenian Government has launched many other business-friendly initiatives in order to attract more foreign companies. One of them includes the establishment of free economic zones for hi-tech, jewelry, industrial production and logistics (0% of profit tax, VAT, custom, custom duties and property tax).
Following the theoretical presentation on the Armenian market, Luxembourg businesspeople had the opportunity for an exchange with their Armenian counterparts during the B2B meetings. The Armenian business delegation included companies from various sectors, such as construction, accounting, energy, beverage, IT, insurance, textile and creative technologies. The event concluded with a networking lunch and cocktail.