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Official News

Thursday, 5 March 2015

Government Supports SME






A Cabinet sitting was held today, chaired by Prime Minister Hovik Abrahamyan.

The Government approved a program referred to as “Support for small and medium-sized businesses in 2015” and a timetable for its implementation. The bulk of program activities - about 90 percent – are aimed at supporting startup and standing SMEs operational in the provinces, mostly in border areas and remote locations and boosting entrepreneurship in the regions.

The program is expected to increase the aggregate share of small and medium-sized businesses in the gross domestic product, develop entrepreneurship and curb unemployment in low-economic-activity areas.

The Minister of Economy said that the lending interest rate is 12 percent, which can be reduced by 3 percentage points for those products intended for export, defense or national security. Subsidies are provided by the Industrial Development Foundation.

Noting that the interest rate is acceptable, the Premier stressed the need to ensure transparency and fairness throughout the lending process.

The meeting approved a draft contract between the Ministry of Finance and the Chinese Nuktek Company LLC on the supply of modernization of technology and equipment for the system of customs inspection.

Following the overhaul and modernization of Armenia’s Northern customs checkpoints, an urgent need has arisen to get mobile x-ray installations and other equipment of customs inspection. The total value of the contract is over USD 25 million.

The meeting established the funding level of the Design and Supply of Textbooks and Teaching Aids for Diaspora-based Armenian Schools program to meet the needs in educational literature of about 350 daily and 600 one-day schools in the Diaspora.

Adopted last yearend, the law “On registration of secured entitlements to movable property” will come into force from October 1, 2015. The law provides that a uniform electronic registration database will be applicable to the citizens’ movable property-associated rights, including the collateral. To bring the governing by-laws into conformity with the present legal act, the Government amended one of its earlier decisions.

The Government adopted a resolution “On approval of types of classification of single consignment-located goods under the FEA TN code applicable to the prescribed maximum customs duty rate, as well as the types and natural size of the declared goods,” which simplifies the procedure set for the declaration of goods moved by smaller means of conveyance.

 

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