From June 28 to July 2, the delegation led by Deputy Prime Minister of the Republic of Armenia Tigran Avinyan was on a working visit to Los Angeles preceding the visit to Canada.

Among the members of the delegation were Head of the Office of the RA Deputy Prime Minister Serzh Varag Siserian, Assistant to the RA Deputy Prime Minister Victoria Aydinyan; RA First Deputy Minister of Transport, Communication and Information Technologies Hakob Arshakyan, RA Deputy Minister of Economic Development and Investments Maneh Adamyan, RA Deputy Minister of Diaspora Babken Der-Grigorian, Head of the International Commerce Group of Business Armenia Foundation Narek Alexanyan and International Cooperation Manager Alina Yeghiazaryan.

As reported the Office of the RA Deputy Prime Minister, the delegation’s working visit to the USA began on 29 June with a visit to Service Titan where the government officials met with the company’s founders, followed by a visit to Teamable and Airobotics in Silicon Valley. The discussed issues were related to education in engineering in Armenia, research, the development of startups, the engagement of supranational organizations in Armenia, the government’s priorities in those sectors, the existing issues and the Diaspora’s participation in the development of the sectors. After the meeting with the representatives of Service Titan, an initial agreement was reached to help the company establish a 50-member branch in Yerevan.

Afterwards, the members of the delegation had a meeting with representatives of nearly two dozens of U.S. business associations at the Consulate General of the Republic of Armenia in Los Angeles. After the meeting, they reached initial agreements on cooperation with Armenia’s companies and associations in several sectors and discussed the organizing of the visit of representatives of the U.S. Business Federation to Armenia.

The delegation also participated in a grand reception with big Armenian American businessmen. During the reception, Deputy Prime Minister Avinyan gave a speech in which he presented the new formats for Armenia-Diaspora cooperation and the priorities of the Government of the Republic of Armenia. After the meeting, the delegates reached several initial agreements on implementing programs for the exchange of knowledge and experience in textile, reprocessing of trash, opening automobile construction factories, renewable energies and other sectors. A group of businessmen are planning on visiting Armenia in the near future in order to launch their programs.

On 30 June, the government officials met with several dozens of Armenian businessmen and discussed the issues of their concern during a question-and-answer session. The government officials presented the perspectives for creating a National Venture Fund and holding a National Startup Summit, and most of the businessmen in the hall expressed willingness to make their financial contributions to the fund. They also presented the idea of “Diaspora bonds” as a mechanism for encouraging massive investments that will contribute to sustainable economic growth of the country. During the meeting, the Deputy Prime Minister had private talks with a dozen businessmen and discussed the specific investment programs in the spheres of healthcare, agriculture, high technologies, education, tourism, military production and the film industry. At the same time, Business Armenia and Crystal Lake Holdings LLC concluded a memorandum of mutual understanding according to which the organization will make a $10 million-dollar investment to build a hotel complex on the side of Lake Sevan.

The establishment of the branch of St. Jude Medical Inc (the largest company dealing with the production of microelectronic devices contributing to the functioning of the heart) in Armenia was discussed with businessman Dro Darbidian. Eco Panel Group, namely Executive Director Khachik Khachikyan, expressed the desire to invest $10 million to establish a factory for the production of EPG ecopanels. The technology for this is patented in 50 countries around the world.

Deputy Minister of Diaspora Babken Der-Grigorian met with Senator of the State of California Anthony Portantino and discussed issues related to further strengthening of the relations between the Republic of Armenia and the State of California.

Some Armenian American doctors suggested sending financial aid to provide medical insurance for the families of those performing compulsory military service. The Deputy Prime Minister discussed with Armenian American businessman Ashot Tadevosyan the plan to establish a drug factory in Armenia. Several initial agreements have been reached to make investments in the banking system and in the production of organic food and honey.

On 2 July, the delegation was received by Mayor of Los Angeles Eric Garcett and discussed with him ideas for possible cooperation in the fields of high technologies, transport and energy-saving. After the discussion, the Government of the Republic of Armenia and the City of Los Angeles signed a memorandum of mutual understanding in which the sides expressed willingness to work together to exchange the best experience in developing a plan to engage Armenia’s civil servants within the government institutions of Los Angeles. The idea of organizing Mayor Eric Garcetti’s visit to Armenia in December was discussed.

The total cost of the final agreements on investments reached after the visits to Canada and the USA makes up $30.5 million dollars.