Great opportunities open up for Armenian textiles on the Russian  market, MoE states 

ArmInfo. Given the exit of a number of large Western companies from the Russian market, great opportunities are opening up for Armenian textiles. Rafael Gevorgyan,  Deputy Economy Minister of Armenia, expressed a similar opinion in an  interview with CivilNet.  "There was an opportunity to expand  production, to enter such trade networks in Russia, access to which  previously seemed impossible. There is already a reaction from our  manufacturers who are considering this and are negotiating,"  Gevorgyan said.

However, producers are concerned about currency risks. But, using the  right tools, the state, in the opinion of the deputy head of the  department, will be able to provide certain support to exporters.

In this regard, he pointed out the importance of joint work of  exporters with the banking system to expand the range of financial  instruments, in particular, forward transactions, swap transactions  and others that will help hedge currency risks", the Deputy Minister  noted.

Speaking about the potential of the domestic textile industry,  Gevoryan said that today the enterprises, which employ about 9  thousand people, do not have a shortage of demand. However, there is  a problem with a skilled labor force, despite the level of  unemployment and poverty in the country. Referring to the statements  of industry representatives, the deputy minister noted that companies  are ready train people themselves and expand. He did not rule out  that the lack of demand for vacancies in the textile industry may  also be associated with low wages, which depend on the level of  productivity.

It should be recalled that in January 2022, the Ministry of Economy,  with the financing of the Good Governance Fund of the Government of  the United Kingdom, with the support of the EBRD and the coordination  of the Business Assistance Office, launched a program to assist the  Armenian textile industry.  The program is aimed at developing a  sustainable and inclusive textile industry, which is the main  strategic priority for the country's economy.  According to the  source, the program will develop proposals on opportunities to  increase the value added in the textile industry to increase its  competitiveness, taking into account the fact that this category of  products is no longer covered by the EU trade preferences regime -  GSP +. It should be noted that according to the Statistical  Committee, the volume of production of the textile industry in  Armenia in 2021 increased 2.1-fold, providing production volumes in  the amount of 1.9 billion drams (over $3.7 million). A year earlier,  the segment registered a rather serious decline of 31.6%.