YEREVAN.- Fear in seeking foreign markets can become disastrous for business, Armenia’s President Serzh Sargsyan said  on Wednesday during his opening remarks at conference of the Union of Manufacturers and Businessmen of Armenia.

“We must avoid inactiveness in new projects, resist the temptation to sell products only in the domestic market or to the traditional partners,” he  said.

Restriction to a small domestic market, he added, reduces the efficiency of enterprises. Their expansion should be directed not only to local but also to large external markets.

“Of course, this requires creation of labor-intensive production chains. The chains in their turn will require skilled human resources, modern experts,” President stressed.

Despite the importance of the availability of mineral resources, the priority for the country is constantly improving human capital, he added.

“The involvement of all capable forces is very important to us, the role of everyone is exceptional. Entrepreneurs are entrusted the task to consolidate this potential, creating new values,” Sargsyan said adding that Armenia should appreciate the natural resources.