Armenia plans to triple its exports by 2020 - economy minister
YEREVAN, March 19. /ARKA/. The Armenian-government designed strategy to boost export-oriented industries is expected to triple exports by 2020, economy minister Tigran Davtyan reiterated Saturday during the maiden meeting of the Industrial Council.
The strategy commissioned by the World Bank was developed by a group of experts with the assistance of the ministry of economy and adopted by the government on December 15, 2011. It focuses on building an advanced industrial system, aimed at boosting exports, which in turn is supposed to stimulate production of high quality products meeting international standards, to help Armenian companies win new foreign markets and create new jobs.
Tigran Davtyan said the economy ministry has set up three sub-councils to deal with specific sectors of economy involving government and private sector representatives, who will consider prospects and proposals aimed at ensuring industrial development.
According to official data, Armenian industrial output in 2011 saw a 14.1% growth from the previous year. In terms of money the growth was equal to 992 billion drams, the highest indicator in independent Armenia. The share of industrial output in the overall GDP grew from 13% a couple of years ago to 20%, according to the minister.
The minister also said the legal framework for establishing free economic zones was ready. He said the first free economic zone is expected to begin operations in September 2012.
He said over two dozens investments projects worth about 85 billion drams were granted by the government VAT payment deferments. The government-run MSE Investments credit organization provided 53 loans to 39 companies worth a total of 3.9 billion drams. These, he said, are good examples of government’s assistance to economy.
The meeting once again prioritized the following areas - precise engineering, pharmaceuticals, wine production, jewelry, as well as footwear and textiles industries.
Davtyan said the government stands ready to show technical and financial assistance to the private sector in bringing international industrial companies to Armenia, entrance of Armenia-made products to world markets, participation in international fairs, training courses and extension of trade missions abroad. The Saturday meeting discussed also the issue on subsidizing interest rates on government provided loans. -0-
