EU4Business Week, held in Armenia in October, highlighted EU support for SMEs in the six Eastern Partnership countries as a whole
Armenia played host to a series of key events and activities highlighting the EU’s role in supporting economic development, innovation and business in the Eastern Partnership countries, during the EU4Business Week held in Yerevan from 24 to 28 October.
Ambassador Piotr Switalski, Head of the European Union Delegation to the Republic of Armenia, opened the Week, saying: “SMEs provide the large majority of job opportunities, so the economic opportunities linked to SMEs should also be significant. This initiative is a strong signal of the EU’s commitment to support businesses for the direct benefit of the real economy and to increase national and regional competitiveness.”
Armenia’s First Deputy Minister for Economic Development and Investment, Garegin Melkonyan, added: “The competitiveness and effectiveness of SMEs is one of the most important preconditions for the economic development of our country.”
A Business Development Panel on the first day focused on innovation as an essential tool for boosting competitiveness at both regional and national levels. The pilot version of the EU4Business website, which aims at making EU support to businesses more accessible and visible, was launched during the panel. Country-specific EU4Business pages in local languages will soon be added to the website, it was heard.
An EBRD-run workshop on SME finance on 26 October focused on instruments creating value for small businesses, as well as providing insights into cash flow analysis, private equity and debt and credit risk analysis as essential tools to mitigate financial risks, attract investment and achieve greater success in SME development.
A high-level international conference, “Fostering Sustainable Development in Eastern Partnership countries”, also took place on 26 and 27 October, a first for Armenia. Representatives of central, regional and local authorities gathered to discuss new EU initiatives and instruments for sustainable urban development and best practices for successful modernisation of urban infrastructure in the Eastern Partnership countries. The conference featured a signing ceremony by 25 Mayors of Eastern Partnership cities, four in Armenia, to accede to the Covenant of Mayors for Climate and Energy.
A further event on 27 October, the East Invest 2 Annual Partner Conference, highlighted public-private dialogue as an important vehicle for business reforms. And the week concluded with the official launch of the agency, SMEDA (Small and Medium Enterprises Development in Armenia), on 28 October. All the events were attended by development partners, international organisations and representatives of EU-funded projects.