ArmInfo.IDBank and Impact Hub Yerevan are happy to announce the launch of the Social Impact Award Armenia 2024 Incubation Program. Ten innovative teams were selected to participate in this intensive boot camp, aimed at developing solutions to pressing social challenges. The program is funded by the "The Power of One Dram" initiative by Idram and IDBank – AMD 4.165.643 was transferred to the program in the frames of the companies’ initiative.

ArmInfo. The Traffic  Organization Center of RA reported that there are currently 1,729  Armenian trucks waiting in the electronic queue to cross the  Russian-Georgian border at the Upper Lars checkpoint in North  Ossetia.  

ArmInfo. The Ministry of  High-Tech Industry of the Republic of Armenia announces a grant  competition for the "Access to Market" component  within the  framework of the "From Idea to Business" grant program.  The total  grant budget is 290 million drams. It is planned to provide funding  to the winners of the competition in the form of grants for  presenting their products on the market. 

ArmInfo. The growth in  industrial production in Armenia was the highest among the countries  of the Eurasian Economic Union. This is evidenced by the data from  the Eurasian Economic Commission, presented on the EEC page in the  telegram channel.

ArmInfo. The implementation  of large-scale projects in the urban development sphere in Armenia  will require a significantly increased construction capacity. This  statement was made yesterday at a ceremony dedicated to Builder's Day  by Tigran Khachatryan, Deputy Prime Minister of the Republic of  Armenia.

ArmInfo.

ArmInfo.

ArmInfo. In July 2024, 237,603  tourists visited Armenia, as reported by the RA Tourism Committee.   The source notes that this figure is lower than the tourist visits  recorded in July 2023, when 255,706 tourists visited the Republic.   From January to July, the largest number of tourist visits to Armenia  were registered from Russia (42%), Georgia (13%) and Iran (8%).  To  recall that from January to June 2024, 964, 000 tourists visited  Armenia, which is 4% lower than the previous year. In June alone, the  number of tourists exceeded 180.700 people, showing an annual growth  rate of 8% but a monthly decline of 9%. 

ArmInfo.

ArmInfo. The construction of an 8 km long bypass road around the Agarak archaeological site is ongoing within the framework of the North-South Road Corridor (Tranche 2) investment program.

ArmInfo. Armenia's gross international reserves (GIR) decreased by 14.2% per annum or $555 million to $3.354 billion by July 2024, while a year ago an increase of 13.3% or $458.6 million was recorded. Thus, GIR continues to move away from the historical maximum of $4.2 billion recorded in August 2023.

ArmInfo. Since August 9 of this year, Armenian Airlines has started operating flights on the Yerevan-Kazan-Yerevan route.

ArmInfo. Russia retains its leading position in Armenia's foreign trade, now supported by imports, whereas a year ago the main driver was exports.

ArmInfo. Ambassador of Armenia to Georgia Ashot Smbatyan met with Deputy Minister of Economy and Sustainable Development of Georgia Mariam Kvrivishvili.

ArmInfo. To  mitigate the  effects of the severe flood, municipal, regional and republican  commissions have implemented various measures, including conducting  an inventory and assessment of the damage to individuals and legal  entities. 

ArmInfo.

ArmInfo. In 2024, the number  of non-cash transactions in Armenia increased by 86.7%, as reported  by the State Revenue Committee of the Republic of Armenia.  According  to the source, based on taxpayers settlement documents (including  cash register receipts), there were a total of 404.6 million  transactions in January-July 2024, amounting to 7 trillion 329.4  billion drams. This represents an increase of 42 million transactions  or 11.6% compared to the same period last year in terms of quantity  and an increase of 953.2 billion drams or 14.9% in value. Out of  these transactions, only 377.4 million were conducted in January-July  2024, totaling 1 trillion 571.4 billion drams through transactions  with cash register receipts. This marks a quantitative increase of  34.6 million transactions  or 10.1% compared to last year and a value  increase of 112.7 billion drams or 7.7%. At the same time, the  Committee reports that 78.9 million non-cash transactions worth 485.1  billion drams were carried out in January-July 2024, exceeding the  same period last year. In quantitative terms, 36.6 million cash  transactions were recorded, representing an 86.7% increase from last  year. In value terms this amounted to154.2 billion drams, a 46.6%  increase from the same period of 2023.

ArmInfo.

ArmInfo.

ArmInfo. Armenia can play an  important role for the BRICS countries in terms of accessing European  markets. This was stated by Sameep Shastri, Vice Chairman of the  BRICS Chamber of Commerce and Industry, in an interview with  journalists at the international forum "New Horizons of Cooperation  between Armenia and the EAEU with BRICS and SCO" on August 8 in  Yerevan.  He recalled that when the BRICS concept was first  introduced, many people were skeptical about it because the countries  are located in completely different parts of the world.  "But as we  have seen, this concept has proven itself. In relation to Armenia,  logistics routes can be very important because they could play a  significant role in moving towards Europe," Shastri noted.  When  asked to describe the practical steps being taken, the BRICS  representative acknowledged that things are not easy at the moment,  but assured that progress is not standing still.  "A couple of years  ago, we could not imagine the existence of electronic cars or  electronic banking, both of which are now actively being implemented.  Therefore, I believe that the most important step in logistics is  improving and developing infrastructure. Currently there are planes  that use more cost-effective energy sources. Consequently, it is  necessary to enhance the technological aspects of transportation  routes, create new roads and establish new routes for supplies,  deliveries and technological transfer," Shastri added.  At the same  time, he emphasized that for the BRICS countries, Armenia is  primarily interesting for its rich resources, especially in  agriculture. "In order for a shift of power to occur in the  international arena, we need countries that can develop their  economies and become strong players," he concluded.  Tatyana  Seliverstova, a member of the board of the ANO "Leaders of  International Cooperation", advisor to the director of the Chinese  Center for Technology Transfer of the SCO Member States and a  director of the BRICS business incubator, discussed the opening of  the Armenia-BRICS Business Cooperation Center in Yerevan today. She  emphasized that the main goal of the Center  is to promote Armenian  businesses in international arena with BRICS countries.  "Additionally, the center aims to attract investments and trade  partners from the BRICS countries to Armenia. It will be a  coordination hub for economic cooperation between Armenia and the  BRICS countries. We will find specialized partners at the request of  Armenian businesses, we will secure additional investments for  projects that have the potential to attract foreign investments  and  will facilitate business exchanges  between communities and  entrepreneurs," she concluded.