Franchising to help increase share of SME's in Armenia's GDP

YEREVAN, July 26. /ARKA/. Franchising can be an extremely effective and efficient method of business expansion and its development in Armenia will help increase the share of small and medium enterprises in the country's GDP, Deputy Minister of Economy Rafael Gevorgyan said today when speaking at an event devoted to the development of franchising in Armenia.

"We are sure that development of franchising, which is one of our priorities will be instrumental in increasing the share of small and medium-sized enterprises in the Gross Domestic Product in the coming five years," Gevorgyan said.

He said that specialists of the U.S. Trade Department will study the franchising market of Armenia, and estimate its development prospects and organize seminars to attract attention to it.

"We are sure that one of our incentives is increasing work efficiency, which is impossible without technological know-how. We also need to improve the competitiveness of local producers, which we can achieve only by introducing the best international experience," the official said. -0-