Acting Minister of Economic Development and Investments reported to the President on the reforms and programs implemented in the area

Today, at the working meeting with the President of Armenia, the Acting Minister of Economic Development and Investments Suren Karayan reported on the results in the area of export development and attraction of investments as well as about future works.

Suren Karayan noted that the Ministry is working to preserve the positive dynamics of economic indicators for the first months of year 2017 and to provide for the future sustainable development. According to the Acting Minister, the Ministry has set a goal to bring in the coming five years the share of exports in the GDP structure up to 45%. Acting Minister Karayan informed that towards that end studied were industrial areas which possess export potential and development programs of the enterprises. The later received the necessary assistance from the state to be able to utilize that potential. There also has been created a list of import substituting goods; if sufficient support is provided, they can compete with the imported goods.

Acting Minister Karayan reported to the President on the works aimed at entering new markets and strengthening and expanding the positions on the already existing markets. He spoke, in particular, about the promotion of the Armenian goods at the Eurasian Economic Union market, their introduction at major trade chains, steps towards the creation of the EEA common market and establishment of joint production chains. At the meeting, the parties discussed also the measures and prospects for the utilization of Armenia’s export potential in the framework of the European Union’s GSP+ preferencial trade system. According to Suren Karayan, works are underway for a wider use of the export toolbox and in case of necessity for the enhancement of its efficiency.

Acting Minister Karayan informed the President that the program on the improvement of business climate in Armenia for year 2017 has already been drafted. It is expected that after the implementation of the envisaged measures, other things being equal, Armenia’s rating at the World Bank’s Doing Business report will rise from 38 to 26, registering a 12-point improvement. According to Mr. Karayan, the aim is to position Armenia in the next 4-5 years among the top 20 countries of that rating.

The Acting Minister of Economic Development and Investments reported to the President of Armenia also on the process of drafting a new RA law On Foreign Investments which will provide new guarantees for the protection of investments.
Suren Karayan spoke also about the programs related to the investment attractiveness and potential presentation of potential investments and particularly of the platform for investment programs which at the moment presents 55 investment projects. He also informed the President on the process of creating investment funds. According to S. Karayan, the Meghri free trade zone, which has been created to attract investments, will start functioning in fall of 2017.

The report of Suren Karayan included also the works carried out by the Ministry in the area of tourism. According to the report, the number of internal tourists will double by the year 2020.

The President of Armenia issued relevant instructions.