Government designed strategy to boost export-oriented industries expected to triple exports by 2020

YEREVAN, February 4. /ARKA/. An Armenian-government designed strategy to boost export-oriented industries is expected to triple exports by 2020, a deputy economy minister said in an interview with ArmNews TV channel. 

According to Tigran Harutyunyan, the current figure of $1 billion will grow to $2.8-$3 billion and will balance out the ratio of exports to imports.

 

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. The strategy specifies what the government seeks to achieve by 2020. More specifically, exports are supposed to double by 2015 and reach $3 billion by 2020. To implement this strategy the government will set up Industrial Council to be chaired by the prime minister of Armenia, as well as establish sub-councils to coordinate projects in 11 chosen sectors.

 

Harutyunyan said in the interview that after the adoption of this document the government has already taken certain steps, including creation of the Industrial Council half of which will be representatives of the industrial business elite.

 

According to the National Statistical Service, Armenia’s exports in 2011 amounted to $1.329.5 billion, an increase of 27.7% compared to 2010, and imports to $4.151.5 billion, an increase of 10.7%. The negative foreign trade gap amounted to $2.822 billion. -0-