Armenian builders and developers deepen cooperation with Ministry of Economy

YEREVAN, March 12. /ARKA/. A memorandum of cooperation was signed on Wednesday between the Armenian  Ministry of Economy, the Union of Builders of Armenia and the Armenian Association of Developers.  

The document was signed Minister of Economy Gevorg Papoyan, President of the Union of Builders of Armenia Vahan Harutyunyan and President of the Armenian Association of Developers Gurgen Grigoryan.  

According to the press service of the  Ministry of Economy, this cooperation initiative is based on the state policy priorities such as.

- Improvement of business environment,

- Deepening of cooperation between the state and private sector,

- Stimulation of enterprises in the area of construction and development,

- Improvement of the legislative framework

According to the memorandum, the parties agreed to act jointly, using their powers and opportunities to ensure effective cooperation within the framework of Armenian legislation. 

Papoyan noted that the memorandum emphasizes the importance of consistent and sustainable development of the construction industry.

According to Armstat, in 2024 the construction sector exceeded 709.4 billion drams (in current prices), increasing by 14.5% compared to 2023.  

In January 2025 alone, the construction industry recorded a growth of 11.6% against  January 2024 to AMD 19.2 bln. ($1 - AMD 393.42).