Minister: Focus on export-oriented economy

Minister: Focus on export-oriented economy

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Speaking at a weekend conference in the resort town of Tsaghkadzor, Minister of Economy Tigran Davtyan hailed last year’s economic growth, while also stating that Armenia should gauge itself toward always being an export-oriented economy.

“Nearly fifty-percent of our export is directed to the European market, hence the situation there is important for us,” the minister said, during opening remarks of the annual meeting that has come to be known as “Armenia’s Davos”.

As reported by News.am, the Minister informed that the country’s 2011 industrial production surpassed one-trillion drams (approx. US$ 2,583,899,175) and reached 20-21 percent of the GDP. Also in the year past, Armenia’s economic activity index grew by 5.9 percent, and the volume of industrial production increased by 14.1 percent and made up close to $2.66 billion. “Last year’s economic growth is encouraging. It is just as important that it is based primarily on the development of the real sector, specifically the industry,” Davtyan stated, adding that this is conditioned on the economic diversification.

As per Davtyan, the Government-approved export-oriented strategy of Armenia’s economy could become a basis for stimulating business. “It specifies our turn toward production and real sector. Armenia must become a producing and an exporting country. Today’s investment programs, legislative reforms, and new products are the examples for the cooperation [between] the state and the real sector,” the Minister said.