Armenia will restore its former industrial potential in the next ten years, Economy Minister Tigran Davtyan stated Tuesday during his meeting in Charentsavan city with local businessmen. 

He recalled that in December 2011 the Government adopted an industrial policy strategy, whereby the export volume of Armenia’s industrial products is envisioned to virtually triple within ten years. And several dozen industrial enterprises are planned to resume their operation each year.   

Davtyan noted that Armenia was an industrial country in the past, too, but the industry’s basis was planned economy. The new strategy, however, assumes the creation of an internationally competitive industry, with the use of new technologies. And along the lines of this policy, the Government provides incentives for investment companies by way of postponing the payment of the value added tax for imported equipment.      

In addition, technological centers, with educational and industrial infrastructure, will be created in Charentsavan and Vanadzor cities. Such center already functions in Gyumri city.     

Armenia’s Economy Minister also noted that the 2013 State Budget will allocate amounts for developing industry, including the subsidizing of industrial loan interest rates.