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Armenian Industrial Board’s inaugural session clarifies major industry sectors

17:15, 17.03.2012 Region: Armenia Theme: Economics

YEREVAN. – Armenian PM Tigran Sargsyan chaired first session of the Prime Ministerial Industrial Board. 

During the session, Economy Minister Tigran Davtyan noted that three branch councils were formed within his ministry, and on the state-private sector principle, the Government Press Service informed Armenian   

The Minister informed that, in accordance with the industrial strategy, Armenia’s export is planned be doubled by the year 2015 and reach US$ 2.1 billion, and to be tripled by 2020 and reach $2.8-3.3 billion. In line with the Economy Minister’s report, Armenia’s industrial growth constituted 14.1 percent in 2011. And the total industrial approached AMD 1 trillion (approx. $2,558,430,257). The industry’s share in the country’s GDP likewise increased.      

Tigran Davtyan also noted that the legislative basis for the creation of free economic zones is fully developed, too. 

In the Minister’s words, the state’s assistance to the private sector is being implemented with success, and, as a result, investment projects totaling AMD 85 billion (approx. $217,466,571) will be carried out.  

Afterward, the Board clarified the country’s major industry sectors, and in accordance with their branches. 

Also, the session pointed to the directions in which the state will provide technical and financial support to the private sector.

The session participants also discussed the allocating of some subsidies for the interest rates of the loans being provided from the state resources and which are intended for production and export programs.

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