Armenia’s light industry rises to 3.7 Billion in eight months

YEREVAN, October 31. / ARKA /. Armenia’s light industry output in the first eight months of this year totaled 3.7 billion drams, Vazgen Safarysan, chairman of a non-governmental organization uniting domestic commodity producers, said today during a meeting of the organization’s members with prime minister Tigran Sargsyan.

According to him, light industry production makes 0.53% of the total industrial output, which in the reporting period rose to about 700 billion drams. He said during the Soviet era the light industry accounted for 23% of Armenia’s GDP.

According to him, Armenian traders import annually $500 million worth light industry products made in China and Turkey, which he said "is unworthy for Armenia, which has a good tradition in this field."

"This all shows the need for modernization of the sphere, the need to bring in new equipment, and introduce tax incentives for the local producers, so that they produce both for the local market and for sales outside the country’ Safarian said.

He also suggested that the government introduce tax incentives for manufacturers of light industry in border villages of the country.

"Today, many successful entrepreneurs from Armenian border areas are working in different countries, especially in Russia. They are ready to bring in some equipment, make investments to begin production in their native villages too, "Safaryan said. -0-