The delegation of the Development Foundation of Armenia has summed up the results of a Lebanese business mission which yielded agreements on new investments and establishment of production in Armenia.

Gyumri Technology Center and MALIA Group have already signed a document for cooperation after successful negotiations. The Lebanese company has decided to provide software, technology solutions to startups in the Gyumri center.

Several other arrangements are still being discussed.

A Lebanese company, Tony’s Food aims to establish joint production of semi-finished food products in Armenia in order to export them to Russia.

Meptico, meanwhile, has developed a project to produce powder and nutritional supplements for the production of sweets and pastries in Armenia, as well as for exporting the products to the Russian market.

The launch of Mike Sport sportswear and accessories production in Armenia is also under discussion.

Also, the Beirut-based Management and Development International Company aims to invest in projects developed by the DFA.

In the Armenian town of Artashat, Lebanon's Bycop Home Textiles has already established textile production, with the DFA set to support in aftercare services.