“RA Government should be concerned with the development of the mining industry, the key industry of Armenian economy,” stated Vazgen Safaryan, Union of Manufacturers of Domestic Products Chairman on July 8, 2009.

Safaryan informed that almost half of the export from Armenia to the world market is provided by the mining industry. He mentioned that Armenia exported approximately half billion dollars’ worth of molybdenum and copper in 2008. To overcome the crisis, according to Safaryan, RA Government should either support the business community with credits (using external credits) at the interest rate of 7-8% at most, or increase its share in the private sector.

He also offered to establish a Ministry of Mining Industry and Foreign Trade. Due to the new institution, the Government will efficiently manage the economy and obtain trading capital. “The Ministry of Economy is engaged neither in foreign nor domestic trade,” stated the businessman.

He considers that the Government’s involvement in the management of the economy is a requirement at this stage.