YEREVAN. – Armenia needs a Ministry of Industry and Foreign Trade.

Economist Vazgen Safaryan, who is Head of the Union of Domestic Goods Producers of Armenia and also Chairman of the United Progressive Communist Party of Armenia, stated the aforesaid at a press conference on Tuesday.

In his view, if a separate department were to be engaged in the Armenian industrial production, this would somehow help the problematic foreign trade balance of the country.

As per Safaryan, the recently formed Ministry of International Economic Integration and Reforms, which will coordinate Armenia’s ties with the Russia-led Eurasian Economic Union, too, can partly help solve the problem.

“But if it functions by the efforts of just one or two people, the results will not be what we expect. And we expect a growth in exports so we may somehow prevent the currency outflow.

“One of the reasons for our currency fluctuations is its outflow from our country to serve foreign interests,” Vazgen Safaryan added.