Armenia’s number-one problem is the further diversification of its economy, President Serzh Sargsyan stated during an interview with Express monthly of Russia.  

In response to the question on the current main challenges before Armenia’s economy, Sargsyan said: “Further diversification of economy is the number-one problem, since that would help us minimize our vulnerability in connection with external fluctuations. We are paying a special attention to those matters which strengthen and develop the effective mechanisms for cooperation between public and private sectors.”        

With respect to the arguments that Armenia’s economy is extremely monopolized, Serzh Sargsyan noted: “Establishing favorable conditions for new entities to enter the market and securing a level playing field for everyone is one of our economic policy’s priority directions…Having a limited domestic market, the state has chosen the road to stimulate export…Creation of a free competitive environment is one of the most important mechanisms for reaching that objective. Aside from the achievements, there are also problems, and we are implementing several systemic reforms to resolve them.”   

And in response to the observation that Armenia would gain serious economic dividends if the border with Turkey is opened, Armenia’s President stated: “Normalization of relations between Armenia and Turkey cannot be solely assessed in the context of bilateral economic or political relations. Having a closed border with a neighboring country, and on the long-time-worn principle of the Iron Curtain, is unreasonable and irrational in the 21st Century. That is also the position of the entire international community, which received with great enthusiasm our initiative for normalization. Sadly, however, Turkey’s leadership was incapable of showing the necessary political will and bringing the process to its logical end.”