Armenia Will Restore Its Industrial Potential – Economy Minister

ARMENIA WILL RESTORE ITS INDUSTRIAL POTENTIAL – ECONOMY MINISTER

news.am
July 17, 2012 | 12:30

Armenia will restore its former industrial potential in the next
ten years, Economy Minister Tigran Davtyan stated Tuesday during his
meeting in Charentsavan city with local businessmen.

He recalled that in December 2011 the Government adopted an industrial
policy strategy, whereby the export volume of Armenia’s industrial
products is envisioned to virtually triple within ten years. And
several dozen industrial enterprises are planned to resume their
operation each year.

Davtyan noted that Armenia was an industrial country in the past,
too, but the industry’s basis was planned economy. The new strategy,
however, assumes the creation of an internationally competitive
industry, with the use of new technologies. And along the lines
of this policy, the Government provides incentives for investment
companies by way of postponing the payment of the value added tax
for imported equipment.

In addition, technological centers, with educational and industrial
infrastructure, will be created in Charentsavan and Vanadzor cities.

Such center already functions in Gyumri city.

Armenia’s Economy Minister also noted that the 2013 State Budget will
allocate amounts for developing industry, including the subsidizing
of industrial loan interest rates.

From: A. Papazian

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