YEREVAN, October 11. / ARKA /. Vazgen Safaryan, the head of the Union of Domestic Commodity Manufacturers, urged today the government to take steps to increase the share of industrial output in the overall Gross Domestic Product (GDP) from the current 20 percent to 35 percent.
Safaryan recalled that under the Soviets this share stood at 61 percent, which he said ‘enabled to have a powerful and stable economic system.’
Speaking at a news conference he said the industrial output growth now could be secured by the government’s active investment policy.
He said the 2014 draft budget earmarks 6.1 billion drams for industrial development and construction, including 60 million drams as subsidies for export-oriented enterprises.
Armenia’s industrial output in the first eight months of this year grew by 6.2 percent year-on-year to 764.1 billion drams. ($1 – 407.5 drams). -0-