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Official News

Saturday, 22 January 2011

National Competitiveness Fund Board of Trustees meets in Government

Today the 18th sitting of National Competitiveness Fund Board of Trustees was held in the Office of Government.

After approving the minutes of the previous sitting, BoT chairman, Prime Minister Tigran Sargsyan referred to the results of the 2010 economic year: “The year will be completed with about a 2.4% growth while a target of 1.2% was set during National Assembly debates of the budget bill in 2010. Thus, the actual performance proved over the forecast amid most serious transformations.” Growth was said to have been recorded in all the sectors of economy safe agriculture.

Concerning economic trends in Armenia, the head of government emphasized: “Looking at the situation we have in the aftermath of the global crisis, we can see that the economy is undergoing serious transformations with decreased share of construction in the GDP which is down to 15% from 25%, and increased share of industry and services - up 40% from the 30% of 2005.”

Highlighting the progressive pace of the exports, Tigran Sargsyan stated as follows: “The logic of our anti-crisis efforts was maintained all the way through 2010. sizeable investments were made in infrastructures inclusive of road building with 400km-long road sections constructed in the period under review. Water mains were installed to a total length of 700 km which exceeds the actual performance of 2009.”

The Prime Minister further appreciated the sharp fall in the tariffs of web services and the increase in the number of domestic Internet users. Armenia was said to join the list of top ten countries using 4G technologies.

Tigran Sargsyan next evoked the privileges available in the sphere of tax administration. “The government decided to offer a VAT refund deferment facility to 12 enterprises involved in GDP growth fostering large-scale projects in 2011.” They are newborn entities making serious investments. In this context, the Prime Minister expressed hope that economic diversification will be continued in 2011.

The meeting also discussed worldwide economic trends and the Fund’s last years activities, including the results of “Tatev Revival” project. The speakers next looked at the budget proposal and the program of activities for 2011

In the second half of the meeting, proposals were voiced by Board member Andre Andonyan and associate member Avedik Chalabyan on he need for updating the study of Armenia- 2020 program.

In conclusion, the meeting discussed some other draft programs and organizational matters.

December 2020