Armenia should strengthen its export capacity, EDB says

YEREVAN, March 6. /ARKA/. Armenia should strengthen its export potential, head of EDB Yerevan rep office Sergey Ignatov said in his interview to ARKA Agency.

Strengthening export capacity through development of export-oriented and import-substituting industries should remain a priority in the near future, Ignatov said.

Armenia has high export potential in agricultural industries, and this potential is partly used in food industry, according to Ignatov.

As to processing industry, Armenia has still to move up the production chain. This will be possible if the authorities are consistent and if they have a comprehensive approach to development of exports.

For facilitating export development the authorities should support manufacturing export companies and create a proper institutional environment for them (business environment, transport infrastructure, laws, foreign investments, and etc.). At the same time they should maximally reduce the blockade and facilitate the exporters’ access to strategic markets in Russia, EU, and etc.) 

The authorities should foster export boost supporting exporters, creating for them an appropriate institutional environment (business environment, transport infrastructure, legislature, foreign investments, etc.) as well as reducing the transport blockade, facilitating the access to the strategic markets of Russia, EU, etc.).

The Eurasian Development Bank is an international financial institution established by Russia and Kazakhstan in January 2006. It aims to promote development of market economies, sustainable economic growth and extension of mutual trade and economic ties in its member countries. 

The authorized capital stock of the bank exceeds $1.5bln, the member countries are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. 

EDB’s current investment portfolio in Armenia is $79mln. The bank’s investment portfolio, including the redeemed projects, reached $109mln by the end of 2012.  -0-