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Business Armenia CEO Armen Avak Avakian has submitted resignation to the Board of Trustees of the foundation, he said in a Facebook post.

Avakian didn’t elaborate on the reasons behind his decision. He summed up his activity as the head of the foundation, expressing gratitude to his colleagues, foreign representatives, investors and businesses.

“My dear Business Armenia team, colleagues and foreign representatives,

Going through many difficulties we have reformed the Development Foundation of Armenia and created Business Armenia. It’s because of you that Business Armenia is not only one of the strongest institutions in Armenia, but has also been highly appreciated by the largest international organizations; among hundreds of countries Armenia was ranked either first, or was among top countries.

In any situation our team has remained strong, united and a family. It’s due to you and your work that Business Armenia became the best ally and support for investors and businesses.

I want to thank you for your hard work and wish you to achieve new heights.

Dear investors and businesses,

The best part of my job was seeing the “spark” in your eyes whenever you were solving a new problem, overcoming difficulties or making a decision for new investments.

Despite the changes, Business Armenia will continue to work and support you when exporting or investing in our country. Business Armenia now has a very strong base and an even stronger system.

In my role of acting CEO, I will make sure that the investment projects and Business Armenia’s overall working processes are carried out properly and without any interruptions. After a CEO is appointed I will hand over all the know-how and vision to my predecessor,” he wrote, wishing everyone prosperity and fruitful work.