YEREVAN. – We are not satisfied with the macroeconomic activity. The Minister of Economy of Armenia, Tigran Khachatryan, on Thursday said this speaking with reporters.

In his words, last year, a 17% increase in investments was recorded in Armenia, against the country’s GDP, but this is insufficient to ensure long-term growth.

“It’s indispensable to strive to bring these indicators to a level up to above 23% against the GDP,” he added. “The privileges given to companies are aimed at increasing the productivity of separate branches of the economy, which, in sum, will lead to an overall growth. The activity of business entities in their own development by way of investments is also important.”

Khachatryan added that an 8.1% growth in economic activity was recorded in July, and the seven-month activity totaled 6.8%.

“Growth in the industry sector totaled 16.1%,” he added. “Export growth in July—19.5%. Export growth indicator for the seven months is 3% greater than in the same period last year. Growth has been recorded also in the processing industry sector, in the tobacco, chocolate, and equipment manufacture.”

The minister added that the investment potential of Armenia is being assessed in conjunction with the UN, and as a result, it will be possible to identify three to five sectors that are capable of ensuring over $1 billion in annual turnover.

Tigran Khachatryan noted that legal matters related to land should be avoided when creating free-trade zones in Armenia.