SCOTLAND’S prized reputation for financial prudence is helping the former Soviet state of Armenia to rebuild its economy.
The Caucasus republic expects to have its accountancy profession rubber-stamped by international governing bodies in the next two years, after seeking the help of the world’s oldest accountancy body.
The 150-year-old Institute of Chartered Accountants Scotland is helping hundreds of young Armenian students through professional exams.
It is part of an international effort to encourage investment in the country and secure its membership of the respected International Federation of Accountants.
Armenia’s best known exports are its cognac, a favourite tipple of Stalin and
Sir Winston Churchill, and cut diamonds.
But the economy has depended heavily on foreign aid since independence from Russia in 1991 forced it to rebuild its formerly Soviet-funded power industry.
Neil Wallace, head of international services for ICAS, has been leading the project from Armenian capital Yerevan and is now seeing Japanese,
Korean, German and French investors looking for business.
He said: “It sounds a bit pie-in-the-sky to say you can help people become rich, but it does happen.”
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