Monthly №8 Newsletter 2017

For a Better Business Environment

MONTHLY MONTHLY N1

№8 NEWSLETTER NEWSLETTER

American Chamber of Commerce in Armenia

AmCham is an independent business association operating in Armenia since 2000. AmCham represents the interests of more than 100 member companies from almost all sectors of the economy. AmCham’s goal is to enhance US-Armenia business relations and improve business and investment climate in the country. AmCham is a member of US Chamber of Commerce and European Council of American Chambers of Commerce. AmCham is pleased to have also British, French and other European companies as members.

–– AMCHAM CONTUNUES GM TALKS

Continuing regular GM Breakfast meetings, AmCham organized one on 17 August 2017. The executives of Ingo Armenia, Foundation for Preservation of Wildlife and Cultural Assets (FPWC), Byblos Bank, Marriott Armenia Hotel Yerevan, CIS Armenia, Ernst and Young, and Coca Cola Hellenic Bottling Company Armenia were present at the morning meeting. As a non-member company AmCham hosted Nairian. The participants had a lively discussion on AmCham priorities and projects worth pursuing.

CONTACT US 1 Amiryan St., Armenia Marriott Hotel, 3rd floor, room 315, 317, Yerevan 0010, RA Email: info@amcham.am/ amcham@arminco.com Tel: (+374 10) 599 187 (+374 10) 599 902 Visit our page: www.amcham.am

PUBLISHED AND DESIGNED BY AMERICAN CHAMBER OF COMMERCE IN ARMENIA

August 2017

RECENT AMCHAM ADVOCACY NEWS AmCham would like to express its appreciation to: - FINCA Armenia for providing suggestions on the proposed amendments to the “Law on Advertisement.” The suggestions and comments were included into the final proposal and presented to the RA Government for approval.

- HSBC Armenia for providing feedback on the potential benefits for the country and companies, if Standard & Poor’s rating is used in Armenia.

INTERVIEW WITH… Q: With AUA’s five regional branches throughout Armenia, what is the major impact that the AUA Extension had on the regional development over the past several years?

Dr. Armen Der Kiureghian AUA President

Q: Dear Dr. Der Kiureghian, this is our honor to interview you today. AUA had a tremendous impact on Armenian educational system; gave numerous talented leaders; and, most importantly, the hope for a brighter future. What was the main challenge during these 25 years that AUA overcame?

A: Establishing a new university is never an easy task.

But AUA started in 1991 during one of the most difficult periods in Armenia. There was shortage of power, water, heath during winter days, means of transportation, etc. Yet, with determination and total commitment, we were able to overcome those difficulties. By “we” I mean not only the university leadership, but also the faculty and staff who worked under very difficult conditions as well as the students, who were in a sense pioneers daring to enroll and study in an untested university in such difficult conditions.

Q: What are some of the major evolutions of the AUA in terms of learning and teaching?

A: AUA has experienced tremendous growth in degree programs. We started with three master’s programs.

Today, we have nine master’s programs, the newest being MS in Strategic Management. In 2013, we started undergraduate programs with three majors: BA in Business, BA in English & Communications, and BS in Computer Science. This fall, we started our fourth bachelor’s program, BS in Engineering Sciences. Next year we plan to open a BS in Data Sciences program.

In terms of learning and teaching, we established the Center for Student Success, where we provide tutoring, offer workshops on resume writing, interviewing, etc., and provide counseling. As always, our classes are interactive and require participation by students. Team work and interdisciplinary studies are encouraged. To facilitate that, we have created the Collaborative Study Space. At the undergraduate level, we have developed a rich General Education program to suit the interests of all students. In fact, “shopping” for the most interesting course during the first week of the semester has become a habit for most students.

AUA Extension operates classes in Dilijan, Gyumri, Yeghegnadzor, Vanadzor, and Stepanakert. We provide preparatory English-language as well as professional development courses in all these regions. In addition, Extension provides training in business principles to participants in our Turpanjian Rural Development Program (TRDP). As a result of the English-language classes, we have seen a growing number of qualified applicants enrolling from outside Yerevan. During the past three years, the percentage of admitted students into our undergraduate programs that have attended high schools outside Yerevan has increased from 13.6% to 18.7%. Furthermore, a growing number of entrepreneurs from rural areas are now able to participate in the TRDP. Based on this success, we have now started a program for Entrepreneurs in Healthcare, which aims to increase access to quality health services in rural areas of Armenia.

Q: AUA has been very supportive to its students in terms of financial aid. Please, tell us a bit about AUA’s revamped assistance programs and subsidized loan schemes?

A: We have a need-blind admission policy. This means we admit students based on their academic qualifications, regardless of their ability to pay the tuition. Once admitted, the student’s application for financial aid is examined to determine the level of need. Financial aid is provided in the form of waiver of 25%, 50%, 75% or 90% of the tuition, depending on the level of need. Currently, about 50% of our students receive financial aid.

This year we started a loan program through Byblos Bank to help students finance their education at AUA. Qualified students can get loan towards their tuition payment at 5% interest rate. Payback starts six months after graduation. For now, this program is restricted to graduate students. We intend to extend it for undergraduates soon.

Q: This year, AUA introduced Bachelor’s degree in Engineering. What was the main driver behind this decision?

Engineering education, and more generally STEM education, is essential for the growth of the technology sector in Armenia. It is also essential for the development of the defense industry, which is a priority for the country. The new program offers Bachelor of Science in Engineering Sciences. This is a broad engineering program covering fundamental knowledge of mathematics and natural sciences and the principles of electrical and mechanical engineering and computer science. The aim is to produce engineers, who are adaptable and multifaceted problem-solvers.

Q: Engineering Research Center of the AUA has conducted numerous projects in collaboration with both public and private sectors. Which project is the AUA proudest of and how the developed solutions are being utilized in the real world?

A: It is difficult to select only one of the many ERC projects, but I will describe one that is most interesting in terms of the underlying collaboration. For the past several years, the ERC has led a series of research and

development projects funded by Mentor Graphics, a US-based leader in electronic design automation. The work has spanned a range of disciplines, from cryptography to mathematical modeling, from machine learning to intricate problems in chip design and manufacturing. Teams comprised of AUA faculty, students and researchers have worked closely with the managing engineers in Mentor Graphics to achieve success on several fronts: The company has benefited from the offered solutions; they have hired several alumni who worked on these projects; AUA faculty have applied cutting edge theoretical science to reallife industrial problems; and our students have had the opportunity to work in hybrid teams on state-of-theart technologies. We are indeed proud of this successful collaboration.

Q: Recently, AUA opened Entrepreneurship and Product Innovation Center (EPIC) that promotes entrepreneurial education, cross disciplinary collaboration, and startup incubation at AUA. What success stories are on the way?

A: Four resident teams are currently developing applications in EPIC with the hope of launching them soon. Here, I will mention one of them, OnQuark by Vahagn Mkrtchyan and Vacheh Sahakian. OnQuark is an AI-based automated customer support and marketing system. The team was recently awarded tickets to attend the WebSummit 2017 conference in Lisbon. OnQuark helps companies build effective customer relations by providing a set of tools to communicate, acquire and re-engage with customers.

By use of AI, the system learns from previous interactions with customers and gradually develops automatized responses.

Q: Is AUA planning to expand its facilities?

A: Yes, we are expanding our facilities. At the present time, we are building a Student Union, a Faculty Center, and an open-air amphitheater on the north side of the Paramaz Avedisian Building. Soon we will start the completion and furnishing of an unfinished building gifted to the University by George and Carolann Najarian as a 60-bed student residence facility. These projects are funded by the American Schlools and Hospitals Abroad program of US AID. We have applied to ASHA for completion of a second building gifted by Najarians as a Center for Social Entrepreneurship. Several of our units that have extensive interactions with the community at large will be moving into that building. Furthermore, we have acquired a piece of land on the north side of the campus, where we hope to build our future Science and Engineering building.

Q: What is the role of the 100 Pillars of AUA in shaping the young generation and future leaders?

A: The 100 Pillars of AUA is an extremely important program for the University. Each Pillar provides a gift of $50,000 to the University over five years. By providing unrestricted funds, the Pillars help us grow our programs and enhance the quality, without incurring a budget deficit. So far, we have 63 Pillars and need an additional 37 to complete the program. I am proud to say that a number of Pillars are from Armenia. We are immensely grateful to our Pillars; they are our partners in shaping the future leaders of Armenia.