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version 18, draft 18

Government Set To Build Competitive Economy In Armenia


Friday, 22 June 2012

Prime Minister Tigran Sargsyan attended the opening of Black Sea Trade and Development Bank-hosted “Armenia: Growth Rate and International Experience” international business forum in Yerevan.

The Prime Minister highly appreciated the BSTDB-supported Armenia programs with a total cost of USD 75 million.

We are interested in cooperation. In addition, the Bank-prepared analytical reports describe country and its priorities, which are placed on our shared agenda. We are interested to identify those areas where we need to invest,” Tigran Sargsyan stated.

The Prime Minister next introduced the government’s National Assembly-approved five-year program of activities.

Our economic policy emphasis is changing significantly. Our goal is to create a competitive economy with greater export opportunities. This strategy is based on public-private sector partnership,” the head of government said reminding that a new industrial development program has been developed in experience with the World Bank. The new industrial policy is meant to provide equal competitive conditions.

In addition, the public-private sector partnership has revealed 11 sectors where Armenia has comparative advantage and export potential.

A new platform is being built with the private sector. The government and private companies are signing agreements to define mutual commitments - the level of the government’s support, private investments, as well as development ways and means. This is a fundamental shift in industrial policy which will create vast opportunities,” Tigran Sargsyan emphasized.

The Prime Minister expressed confidence that this cooperation will give birth to such ideas as may arouse the interest of the Black Sea Trade and Development Bank and other private investors and financial organizations.

Noting that the Government’s priority is to develop small and medium-sized businesses, the Prime Minister said a new toolkit will be offered to both existing and start-up businesses. “We must prop up start-ups in Armenia,” the Prime Minister said.

Noting that the second direction is the development of human capital, he said. “Our country faces numerous geopolitical challenges, including the ones related to the transport corridor. A knowledge-based economy will be built on the basis of intellect. Most serious transformations have been implemented in this area over the past four years,” Tigran Sargsyan said.

The Prime Minister stated that the progressive pace in developing the information technology sector, which in recent years, the annual double-digit economic growth for the Prime Minister said, there is a University-knowledge-production chain, which gave a positive result for the construction of the remaining branches of the government's main task will be to the intellectual and human capital development.

The third direction of development of institutional capacity. "It is no secret that there are still many barriers to business earnings. We have planned radical changes, including Regulatory Guillotine implemented with the assistance of international organizations. This rapid reform tool aims to eliminate risk-prone unnecessary red tape for business. To improve the business environment in institutional terms, we are planning many such other functions as well,” Tigran Sargsyan advised.

In the Prime Minister’s words, greater attention will be paid to the improvement of law enforcement and judicial system.

Assuring that the Executive will back any such idea as may be voiced during the forum, the Prime Minister wished productive work to the participants.


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