Armenia will restore its once industrial potential in 10 years: minister says

YEREVAN, July 17. /ARKA/. It will take Armenian industry ten years to restore its once potential, economy minister Tigran Davtian said today at a meeting with businessmen in the Armenian town of Charentsavan.

He said last December the government adopted a strategy designed to boost industrial policy. “In ten years exports of industrial products are supposed to triple and each year tens of industrial enterprises will be re-launched,’ he said.

Armenia’s export-oriented industrial policy developed by a group of experts commissioned by the World Bank and with the assistance of the ministry of economy, focuses on the formation of an advanced industrial system, aimed at boosting exports, which in turn is supposed to stimulate production of high quality products meeting international standards, expansion of foreign markets and creation of new jobs. 

The minister also said that the 2013 budget will earmark funds for industrial development, including subsidization of interests on industrial loans. The minister also stressed that the government intends to restore the industrial potential of Charentsavan. 

In turn, the governor of Kotayk region Kovalenko Shahgaldyan welcomed the authorities' attention to the Charentsavan, formerly famous for its factories and enterprises. -0-