Eurasian Expert Club: Industry and export should be at center of government attention

ArmInfo. The Armenian government needs to pay special attention at development of industry and export processes, the upward trend of which will be continuant, member of Eurasian Expert Club Aram Safaryan expressed this opinion on August 31 at a press conference attached to social-economic situation in Armenia as of the end of the first half of 2016.

"Government's enlarged participation in economic processes will contribute to development of cooperation with EEU countries, particularly with Russia. Due to Russian scientific thought we will be able to develop those sectors in Armenia, which have been idle for about 10 years particularly the matter concerns scientific sectors and engineering", he noted.

The expert explained that increase of governmental influence will allow to attract foreign private and state investments into the country's economy, which should be directed at development and restoration of the other fields of economy. According to Safaryan growth of export figures was ensured due to governmental steps aimed at boosting export within EEU, the results of which were already visible in the first months of the current year.

The survey conducted by the experts of the club has revealed that 70% of Armenia's population thinks that the government should not only be a body regulating the country's economy but should manage (fully or partially) export resources of the country. "Enlargement of government's participation will help to contradict the crisis shocks", Safaryan noted.

According to the expert regional and global economy is in stagnation and economic figures of Russia, Kazakhstan and Belarus testify to this. However, in this context the expert thinks that there are still positive prospects for Armenia in membership in the Eurasian Union. "The experts of the international financial structures forecast 2.5% economy growth for Armenia. However, this is not sufficient for significant changes. "The influence will be tangible when GDP growth affects budget so that we can solve social problems in the country", Safaryan explained. According to the expert sharp economic growth is the only saving grace for the Armenian economy.

Safaryan also informed that the 4th final meeting of the Eurasian Club will be held in December, during which the experts will present political, economic and social processes in the country.

To note, Eurasian Expert Club was founded in 2013 and includes more than two dozens of economists, political experts, sociologists, scientists and journalists.

According to the National Statistical Service of Armenia in Jan-Jul 2016, the foreign trade turnover of Armenia totaled 1283.3 bln AMD ($2658.8 mln), with a 2.3% growth versus Jan-Jul 2015. Exports grew by 16.5% y-o-y to 467.5bln AMD ($969mln), and imports dropped by 4.4% to 815.8bln AMD ($1689.8 mln).

According to statistical data, amount of industrial output in Armenia in H1 2016 grew by 8.9% versus the same period of 2015 (versus 5.1% growth in the previous year) and totaled 659.7 bln AMD ($ 1.4 bln) mainly due to growth in mining industry and processing industry.