Wednesday, February 21 2018 18:07
Alexandr Avanesov

Armenia needs Ministry of Industry and Foreign Trade

Armenia needs Ministry of Industry and Foreign Trade

ArmInfo. Armenia needs the  Ministry of Industry and Foreign Trade, Vazgen Safaryan, Chairman of  the Union of Domestic Commodity Producers stated at the meeting of  the Public Council on Financial-Economic and Budgetary Affairs  Commission.

According to him, many countries of the world have such an office,  and Armenia should not be an exception. The Ministry would directly  deal with the problems of inactive enterprises, which are still quite  a lot. The urgency of the issue is all the more grounded that,  following the results of 2017, the volume of exports of industrial  products was 12.8%, and tend to increase this indicator. "The ideas  of wild liberalism have been left behind," the head of the Union  believes, adding that today the state should recall its functions as  a regulator whose task should be to solve the problem of inventorying  the entire industrial potential, in the format of public-private  partnership, the development of programs for restarting idle, but  perspective enterprises. Vazgen Safaryan stressed that, for example,  in Great Britain, the state possesses 53% of participation in fixed  assets. In Armenia, however, the participation of the state in the  country's economy is limited only by the functions of the regulator.

An important role in the process of involving enterprises should be  given to the banking and financial system of Armenia. Today, Vazgen  Safaryan continued, commercial banks of the country accumulated 1.7  trillion drams of assets, of which 1.1 trillion - funds of  individuals and 600 billion drams - of legal entities.  A significant  portion of these resources do not work because of high interest  rates. Involvement of the state in the process of employing  enterprises will lead to an increase in interest on the part of the  country's commercial banks, and as a result, funds at affordable  interest rates will be used to solve the existing problem. The  commission, in turn, will study the state of each enterprise  separately, introducing concrete proposals to the executive  structures of power, the chairman of the Union of Domestic Commodity  Producers said.

POST A COMMENT
Input digits     


News
Armenian ambassador to Greece highlights importance of Armenia`s  active participation in TIF-HELEXPOArmenian ambassador to Greece highlights importance of Armenia`s  active participation in TIF-HELEXPO
Air Arabia plans to sue Armenia at ArbitrationAir Arabia plans to sue Armenia at Arbitration
EFSD conducts workshop on procurement and financial management of  projects EFSD conducts workshop on procurement and financial management of  projects 
Iran-Armenia high-voltage line to be put into operation in few months  - ambassadorIran-Armenia high-voltage line to be put into operation in few months  - ambassador
New Armenal management could start presale preparation New Armenal management could start presale preparation 
Our team is doing everything possible to manage increased traffic  more efficiently - ZvartnotsOur team is doing everything possible to manage increased traffic  more efficiently - Zvartnots
CBA to direct 80% of its annual profit to partly cover interest-free  bill of exchange  CBA to direct 80% of its annual profit to partly cover interest-free  bill of exchange  
Few concerned in Armenia over high pesticide level in food - NGO head Few concerned in Armenia over high pesticide level in food - NGO head 
Head of Economic Competition Protection Commission explains gas price  rise Head of Economic Competition Protection Commission explains gas price  rise 
EFSD to provide $2 mln grant to Armenia for program to improve  quality of financial reporting of public sector organizationsEFSD to provide $2 mln grant to Armenia for program to improve  quality of financial reporting of public sector organizations
WB to provide $110mln loan to Armenia for universal health coverage WB to provide $110mln loan to Armenia for universal health coverage 
Ingo Insurance presents job loss insurance in Armenia`s market Ingo Insurance presents job loss insurance in Armenia`s market 
As long as Pashinyan government remains in power in Armenia, it is  unlikely Armenia will launch a counter bid or join BRICS  - opinion As long as Pashinyan government remains in power in Armenia, it is  unlikely Armenia will launch a counter bid or join BRICS  - opinion 
Cattle productivity improvement programme to be launched in Armenia Cattle productivity improvement programme to be launched in Armenia 
South Caucasus needs unified market without strategic partners -  expert South Caucasus needs unified market without strategic partners -  expert 
New world order to show Armenia can and must cooperate with with all  nations - Tatul Manaseryan New world order to show Armenia can and must cooperate with with all  nations - Tatul Manaseryan 
Armenia needs 600MW NPP - ex-premier Armenia needs 600MW NPP - ex-premier 
Post of Russia considering possibility of mailing to Armenia via  North Ossetia  Post of Russia considering possibility of mailing to Armenia via  North Ossetia  
Advantages of franchising discussed in Armenia with Acba Bank`s  participation Advantages of franchising discussed in Armenia with Acba Bank`s  participation 
Czech Republic to assist modernization of Yerevan metro Czech Republic to assist modernization of Yerevan metro 
Wine output records 32.6% y/y decline in Jan-May Wine output records 32.6% y/y decline in Jan-May 
ICC NCA to assist organization of WCIT2024 in Armenia ICC NCA to assist organization of WCIT2024 in Armenia 
New social vulnerability assessment system to be introduced in  Armenia New social vulnerability assessment system to be introduced in  Armenia 
Armenia`s government to provide AMD 2.2bln to construction  organizations Armenia`s government to provide AMD 2.2bln to construction  organizations 
AMD 4․046․161  to the Strong Mind NGO. July`s beneficiary is the SIA Armenia programAMD 4․046․161 to the Strong Mind NGO. July`s beneficiary is the SIA Armenia program
Wine-filled days of DILIJAN WINE FEST 2024 will take place on August 3 and 4Wine-filled days of DILIJAN WINE FEST 2024 will take place on August 3 and 4
Ardshinbank was again Named Best in Two Categories by Asian Banking & Finance MagazineArdshinbank was again Named Best in Two Categories by Asian Banking & Finance Magazine
Some 20,000 Nagorno-Karabakh Armenians employed in Armenia - official Some 20,000 Nagorno-Karabakh Armenians employed in Armenia - official 
China Southern Airlines launches Urumqi - Yerevan - Urumqi flights China Southern Airlines launches Urumqi - Yerevan - Urumqi flights 
Get 3000 idcoins by synchronizing your Idram and IDBank accountsGet 3000 idcoins by synchronizing your Idram and IDBank accounts
Armenia`s involvement in regional projects emphasized Armenia`s involvement in regional projects emphasized 
Armenian Airlines launches Yerevan-Ufa-Yerevan flightArmenian Airlines launches Yerevan-Ufa-Yerevan flight
Unemployment up in Armenia Unemployment up in Armenia 
Armenia`s economy vulnerable to external shocks - EFSDArmenia`s economy vulnerable to external shocks - EFSD
EAEU Industrial Council considers robotics development programme EAEU Industrial Council considers robotics development programme 
Smart Place: smart solutions for comfort and energy-savingSmart Place: smart solutions for comfort and energy-saving
Russia among Armenia`s major trade partners - Gevorg Papoyan  Russia among Armenia`s major trade partners - Gevorg Papoyan  
Armenia, UAE discuss possibilities of agricultural cooperation Armenia, UAE discuss possibilities of agricultural cooperation 
Expert on `blank spots` of budget planning in Armenia Expert on `blank spots` of budget planning in Armenia 
Armenia`s economy minister to take part in 6th meeting of EAEU  Industrial Policy CouncilArmenia`s economy minister to take part in 6th meeting of EAEU  Industrial Policy Council
No payment via Idram? More than 21,000 points of sale accept payment via IdramNo payment via Idram? More than 21,000 points of sale accept payment via Idram
<Gazprom Armenia> will conduct a survey of underground gas pipelines  with a total length of over 335 km will conduct a survey of underground gas pipelines  with a total length of over 335 km
WB to issue grant to Armenia for environmental protection programmes WB to issue grant to Armenia for environmental protection programmes 
JFPR to issue $3mln grant to improve rural household resilience JFPR to issue $3mln grant to improve rural household resilience 
EBRD to issue EUR 2mln grantfor Syunik customs center  EBRD to issue EUR 2mln grantfor Syunik customs center  
Armenia, Georgia discuss possible implementation of regional  high-tech projects Armenia, Georgia discuss possible implementation of regional  high-tech projects 
Ameriabank and COAF Pool Efforts to Develop Beekeeping in Lori RegionAmeriabank and COAF Pool Efforts to Develop Beekeeping in Lori Region
Deputy Minister of Economy: 58% of Armenia`s agro-food products are  exported to Russian marketDeputy Minister of Economy: 58% of Armenia`s agro-food products are  exported to Russian market
Armenia`s scores are the worst in the Energy Transition Index for the  last decade: LUYS FoundationArmenia`s scores are the worst in the Energy Transition Index for the  last decade: LUYS Foundation
Features of Armenian offshore: SRC assesses lossesFeatures of Armenian offshore: SRC assesses losses
Trend of shadow economy is reducing; Rustam Badasyan assuresTrend of shadow economy is reducing; Rustam Badasyan assures
Tax revenues on schedule in Armenia Tax revenues on schedule in Armenia 
Ball is in US court - Armen Grigoryan on NPP construction Ball is in US court - Armen Grigoryan on NPP construction 
The construction of the Pullman International Hotel complex in Armenia will cost 100 million US dollarsThe construction of the Pullman International Hotel complex in Armenia will cost 100 million US dollars
World Bank does not change Armenia`s status as upper-middle-income  countryWorld Bank does not change Armenia`s status as upper-middle-income  country
Armenian banks` delegation visits OVIO Data Processing CenterArmenian banks` delegation visits OVIO Data Processing Center
In-country tourism recorded 20% average annual growth since 2020 In-country tourism recorded 20% average annual growth since 2020 
Araratbank allocates $10 million in funding to women entrepreneursAraratbank allocates $10 million in funding to women entrepreneurs
State Revenue Committee reminds taxpayers of tax bill deadline State Revenue Committee reminds taxpayers of tax bill deadline 
Powers of Armenia`s Economic Competition Protection Commission to be  expanded Powers of Armenia`s Economic Competition Protection Commission to be  expanded 
Read more
Exchange rates
19.07.2024
RUB4.420.02
USD388.370.38
EUR422.70-1.49
GBP501.81-2.19
CAD283.15-0.51
JPY24.66-0.15
CNY53.43-0.01
CHF436.67-2.38