YEREVAN, November 1. /ARKA/. Vazgen Safaryan, chairman of the Armenian Union of Domestic Commodity Production, told journalists today that the government earmarked AMD 300 million in its 2013 budget for developing the economy and promoting businesses.
Companies will get these funds in loans or as investments.
“Our union and the central bank will make joint efforts to lend these funds to economic entities at low interest rates,” Safaryan said.
He said the union intends to ask the private sector to add own financial resources to the 300 million allocated by the government to contribute to the establishment of an industrial fund.
Safaryan stressed that the fund would add a great deal to the development of many segments of the industry, especially light industry, which is flagging now.
He said he discussed the matter with Prime Minister Tigran Sargsyan yesterday, and they decided to work out a concept of the light industry revival and development.
Safaryan said the light industry accounts for 0.53% of the country’s total industrial output, while the in the Soviet epoch Armenia’s light industry’s share in GDP was 23%. It means the Soviet Armenia’s light industry was developed.
Armenian industry’s output for the first eight months of this year total about AMD 700 million. ($1 – 405.52 drams). -0-