Armenia approves development concept for five priority industries

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Economy

14.04.2023, 18:15

The Armenian government has approved the development concept of five priority branches of industry, saying they account for 1/5 of the country's GDP.

Armenia approves development concept for five priority industries

YEREVAN, April 14. /ARKA/. The Armenian government has approved the development concept of five priority branches of industry, saying they account for 1/5 of the country's GDP.

In 2019, the percentage of processing industry in GDP increased to 11.7%, and in 2020 it reached 12.4%, the maximum for the last 9 years.

Priority areas include food processing, jewelry and diamond processing, heavy industry (metallurgy, chemistry), instrument engineering (instruments, machines, solar technologies) and pharmaceutical industry.

According to the government's decision, the priority areas will be united around a single agenda, state support tools will significantly increase the international competitiveness of business entities.

According to the National Statistical Committee, the industrial output in January-February 2023 amounted to 362.6 billion drams (in current prices), an increase of 1% compared to the same period of 2022. The processing industry accounted for 59, 3% of the total or 214.8 billion drams having grown by 6.6%). ($1 - 388.20 drams) -0-.

#DEVELOPMENT CONCEPT

#BRANCHES OF INDUSTRY

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