New York and Armenia have great potential for cooperation and investments։ Parker Sheedy

June 22, 2023  21:10

There are many similarities between New Yorkers and Armenians, especially in terms of tenacity, values and ways of doing business, said Parker Sheedy, Director of International Affairs and Strategic Growth of New York City Economic Growth Corporation, speaking at the Orion Summit 2023 in New York, June 19-23, whose official media partner is Tech.

Sheedy said he is very happy to work with the Armenian business community and is sure that his city and Armenia have great potential for cooperation and future investments.

According to the representative of the New York City Hall, the last three years have been quite difficult for New York: the coronavirus pandemic and many other problems have seriously hit the city's economy. However, now the city is recovering and even prospering. Hiring levels as of today are approximately 99.7% of pre-Covid levels and transit demand is 70% of pre-Covid levels; for comparison, in Boston, this figure is now 35%.

Furthermore, as Sheedy noted, one in nine New York businesses were created in the past 18 months. The city also now has 3.2 million people with bachelor's degrees, more than Philadelphia, Boston, Los Angeles and Miami combined. In addition, last month New York surpassed San Francisco in the number of startups created per month.

All this, according to Sheedy, proves that New York has an excellent ecosystem for business today.

According to him, any kind of business can flourish in this city. When people hear about New York, the first thing that comes to mind is financial and business services, as well as the traditional corporate sectors. However, while the city certainly values these sectors and sees them as a key part of its economy, other sectors are also receiving attention. Thus, over the next 10 years, the City Hall plans to allocate 1 billion dollars to the development of the field of life sciences. Another 500 million dollars will be invested in the construction of huge 120-meter windmills, the blades of which will be the size of two football fields.

As Shedy noted, the city does not ignore the development of such fields as sports, cinema, artificial intelligence, climate technologies, etc.

"The city that never sleeps has woken up again, as pathetic as it sounds. New Yorkers are very strong, resilient people who have been through a lot, from the 2009 financial crisis to 9/11 and the pandemic. And I think that in this respect we have a lot in common with Armenians in terms of persistence, values and ways of doing business. Therefore, I am very happy to work with the Armenian business community, and I believe that there is great potential for cooperation and future investments," Sheedy said.

Тoday is the fourth and last day of the Orion Summit 2023 in New York. More than a hundred participants of the summit, from the fields of business, finance and information technology, discuss issues on how to make Armenia more attractive for global investments.

Within the framework of the Orion Summit, it was possible to attract $51.7 million in venture investments for Armenian startups over the course of three years. Until the end of the summer, however, this indicator will increase significantly, Emma Arakelyan, the founder of Orion Worldwide Innovations, confidently promises.

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