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Official News

Friday, 20 April 2012

Government, Private Sector Sign Strategy Implementation Memoranda





Chaired by Prime Minister Tigran Sargsyan, the Industrial Board by the Prime Minister met in a regular session, attended by heads of government agencies, private sector and parliamentary group representatives.

To begin with, Minister of Economy Tigran Davtyan reported back the activities carried out in the framework of the government’s export-oriented industrial policy.

The overall level of industry is expected to reach the mark of AMD 1 trillion in 2012. Impressive results were stated in 2011: industry grew by 14.1% to AMD 953bn, which is one of highest figures in the economy. This trend is maintained with 18.5% growth recorded during the first two months of this year.

The Minister mentioned that the government keeps on assisting manufacturers with a number of tools. In particular, 10 projects with a total budget of AMD 52.9bn were approved for VAT deferment in 2011. In the meantime, 4 investment projects worth AMD 4.3bn have already been supported in the first three months of this year, and this policy will be continued ahead.

Various projects worth AMD 14bn were approved for the “temporary import” customs regime in 2011, with 3 projects to a total cost of AMD 1.3bn made eligible during this year.

Ever more credits are being funneled toward industry through the pipeline of Universal Credit Organization, with AMD 3.6bn worth public resources made available in 2012. 9 investment projects to a total cost of AMD 786mn have been approved for lending during this year.

The Minister of Economy advised that sector boards have already been set up in pharmaceutical and brandy-making industries to develop corresponding action plans for 2012-2015.

Armenian entities will be encouraged to attend international forums and expositions in a bid to promote exports. In particular, a business delegation is due to Georgia this April 20 to participate in a program of presentation of Armenian products.

Line board secretariats were reported up in the brandy-making, pharmaceutical and biotechnology sectors, which comprise Ministry of Economy, Armenian Development Agency and private sector representatives.

Reference was made of the 2012-2015 draft action plans for brandy-making, pharmaceutical and biotechnology sectors and the progress in the wine sector strategy development process.

Then, in the presence of Prime Minister Tigran Sargsyan, the Government and the representatives of the pharmaceutical, biotechnology and brandy-making sectors signed strategy implementation memoranda, specifying mutual commitments and actions.

On behalf of the government, the documents were signed by the Ministers of Economy, Agriculture and Healthcare.

The memoranda seek increased output and exports in the aforementioned areas, diversified export markets, enhanced product quality and international competitiveness, as well as availability of jobs.
 

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