ArmInfo. During the regular investment forum, which this time was held in Tsaghkadzor, Kotayk region, panel discussions took place, dedicated to the production and economic opportunities of the region and the prospects for attracting investments. One of the participants in the discussions was the Deputy Minister of Economy of the Republic of Armenia Avag Avanesyan, who first of all emphasized that the Kotayk region has a fairly developed economic structure.
He noted that in 2018, the processing industry of Kotayk region showed an increase of 16.7%, which was largely ensured not by traditional sectors, in particular food and beverage production, but by sectors that have more complex production and higher cost. In this vein, Avanesyan called the production of electrical equipment, other engineering, the diamond industry, etc. ''These are very important areas. In turn, we will try to provide assistance so that these areas realize their economic potential'', he added. Speaking about the advantages in terms of investment attractiveness of the Kotayk region, the deputy minister noted that this region is primarily interesting in terms of personnel potential, using which you can create added value and conquer not only domestic but also foreign markets. "The role of the government is to ensure equal conditions for competition, and entrepreneurs, in turn, need to build open relations with the state," Avanesyan said, emphasizing that this will ensure that resources are targeted to the competitive sectors. ''Relations with the government should be used not to make the sector competitive, but to realize the potential and competitive advantages of the field. Without this it is difficult to imagine further development'', he explained.
In addition, the deputy minister noted that the government intends to assist in the export of knowledge- intensive and complex economic structure products, helping to increase its competitiveness. In this regard, he emphasized that proper assistance primarily envisages the provision of opportunities for creating added value.
With all the benefits, according to Avanesyan, the region has a number of problems of a different nature in each of the areas of economic activity, from logistics to taxes. ''What we plan to do in this regard - first of all, we will try to communicate with the private sector, representing all sectors, in order to identify obstacles that do not allow us to realize the potential for economic development. We will solve issues, in particular through investment, improvement of infrastructures, including scientific ones, development of business relations in the fields, etc.'', he concluded.
According to the governor of Kotayk region, Romanos Petrosyan, the share of Kotayk region accounts for 7% of the total GDP of Armenia. The most developed areas of economic activity are industry, including food, diamond, metallurgy. The priority areas for the development of the region are the diamond industry, renewable energy, intensive and technological agriculture and tourism. It should be noted that the Kotayk region is located in the central part of Armenia, with the administrative center in the city of Hrazdan. As of January 1, 2019, the population of the region totals 250,500 people.
According to official figures, in 2018 in the Kotayk region industrial enterprises produced products worth 193.9 billion drams, which is 21.5% more than the indicator of the previous year. In particular, 35.2% of industrial production is exported to foreign markets, the lion's share of which falls on the CIS countries. It is worth noting that during the reporting period, exports from the Kotayk region increased by 55.9%. According to the source, the gross agricultural output of Kotayk region in 2018 showed a slight decline, amounting to 73 billion drams (instead of 73.2 billion drams). Retail trade turnover in Kotayk region increased by 4.7%, reaching 62.8 billion drams. The service sector showed an increase of 13.5% to 119.4 billion drams during the reporting period. In 2018, the volume of capital investments in the region increased by 16.4% to 24.2 billion drams.