Is Armenian Businessmen’s Wealth Management Effective
Armenian businessmen are effective in managing their wealth
The two-day “Ultra Wealthy Summit” forum, launched by the International Summit Zone, kicked off today in Yerevan.
Speaking to www.aravot.am, representative of The Summit
Zone, Roth Weston, said this business forum aims to develop and implement a new strategy through an exchange of experience in Armenian and foreign financial and investment systems.
The main goal of this event is to discuss the problems, peculiarities, international experience of private investors related to wealth management, which will enable the banking system and the consulting community to be more informed. “Armenia’s economy is a developing economy and the forum can be a stimulus and a link between foreign and Armenian investors and financial sector specialists,” said our interlocutor.
Representatives of leading Armenian banks, international experts, leading experts from the consulting community were present at the conference.
Aravot.am talked to the representatives of several companies during the conference. We asked Mr. Karen Martirosyan, the head of the “Avenue Consulting Group’s” shareholder and the head of strategic advisory services , to present if the conference relates to wealth management and whether the Armenian businessmen manage their wealth, Mr. Martirosyan replied . “There is no knowledge that will allow it to be properly managed, even if something like this is happening to a rich person, they usually use the services of countries outside the country that have management experience.”
We talked with Karen Martirosyan about Armenia’s economic development opportunities, which he will also present during the conference. “The development of Armenia’s economy can be divided into three stages over the past ten years. Until 2008, when the two-digit economic growth period, the sharp decline of the Armenian economy as a result of the global economic crisis in 2008-2009, and then the recovery phase since 2010. However, the crisis not only had a negative impact on the Armenian economy, but it also had a positive impact, as the economy was then undergone structural changes. The branches of the economy, which were not a major driver of economic growth until 2008, began to become more dominant, such as agriculture, the processing industry, while the pre-crisis construction was considered the driving force of the economy. ”
According to him, this year’s economic growth will not exceed 3%. According to our interlocutor, if the state can be used correctly after the accession to the EEU, economic growth will be inevitable. “In the EEU, there will be high customs duties on goods imported from third countries, which is specifically designed to boost domestic production. This may be the case, for example, in the production of meat, as large quantities of meat products are imported from abroad. In case of a quick decision, our businessmen will benefit and will be able to export their products to Russia in the future. ”
Arsen Sargsyan, Vice-President of ARLIAN Consulting & Training, mentioned in his interview with us that he will represent Armenia’s first free economic zone, founded at the Mars factory and Mergelyan institute. “This creates good conditions for any investor. If there is a legitimate means of tax exemption and the state guarantees that the investor is exempt from taxes, this is a good opportunity for them to invest. ”
Other conferences organized by The Summit Zone will be held in New York and Tokyo.