Ministry of Economy expects Armenia`s GDP to grow by 14%

ArmInfo. RA Prime Minister Nikol Pashinyan visited the Ministry of Economy to participate in the discussion of the performance report 2022 of the Ministry of Economy, the press service of the RA PM reports.

According to the source, the meeting was attended by Deputy Prime  Ministers Mher Grigoryan and Hambardzum Matevosyan, Minister of  Finance Tigran Khachatryan, Head of the State Supervision Service  Romanos Petrosyan, Chief of Staff of the Prime Minister Bagrat  Badalyan, officials of the Prime Minister's Office, the leadership of  the Ministry of Economy, other officials.  

Minister of Economy Vahan Kerobyan and the deputy ministers presented  the activities implemented by the ministry according to sectors.  It  was reported to the Prime Minister that in the first 9 months of  2022, 12.1 percent economic growth was recorded, and according to the  Ministry of Economy, economic growth will reach 14 percent based on  the annual results. Work was carried out in the directions of  improving the management of public investments, development of  public-private partnership, promotion of cooperation with  international economic organizations, the performance is above 82  percent. The conference "Days of Science and Business" was organized.  The program for improving the business environment and the draft  Government decision on complex economic investment standards are  being finalized. 

Economic development and investment policies, green economy  development are under elaboration.  The progress of work in the  fields of industrial policy, investments and quality infrastructure  was presented to the Head of the Government. It was noted that the  "Infrastructures for Investments" program has been launched, the  number of businessmen interested in it exceeds 50, now 8 active  applications are under consideration. The investment project for the  construction of a mountain complex in the Aparan community of  Aragatsotn region, with a total cost of around AMD 30 billion,  sbmitted by the "Miller Mountain Resort " company, is in progress. 

The possibilities of a number of investment projects in the  directions of infrastructure, mining, export are discussed.   Discussions have been initiated regarding the development of quality  infrastructures, and work is being done in this direction with  international partners.  

Measures were taken to promote labor productivity. The program of  modernization of economic capacities has been launched, which created  opportunities for enterprises to receive almost interest-free credit  up to 10 billion AMD and to purchase equipment. According to those in  charge, the program is in demand, and at the moment the portfolio is  42 billion AMD. Another program, that provides for salary subsidy, is  aimed at attracting the best specialists from abroad to Armenian  companies. there are already 200 applicants, the process is expected  to start next year. Digitization of business processes has been  initiated. In order to increase the share of SMEs in the GDP,  programs aimed at promoting the connection between SMEs and  education, science, and the development of state-business partnership  are being developed. 

In the field of international economic cooperation, an increase was  recorded in terms of the ratio of GDP/goods and services (45  percent). An increase was also registered in trade turnover with a  number of countries, including neighboring Georgia, the Islamic  Republic of Iran, and others. The technical task of export strategy  of the Republic of Armenia was developed. Within the framework of the  ongoing programs, export promotion activities were carried out in a  bilateral and multilateral format.  

According to the data of the Statistical Committee, in the field of  agriculture, including fish farming, in the first 9 months of 2022,  0.5 percent increase was recorded, and the volume of gross  agricultural output was 713 billion AMD. The pilot program of land  reforms, which will enter the implementation phase in 2023, was  approved. With the program of intensive horticulture, as of November  1, 2022, an application for the establishment of 1533 ha of orchards  and the introduction of modern irrigation technologies for 2000 ha  (including orchard establishment) was approved. The Law "On Seeds and  Planting Material" was adopted by the National Assembly, launching  the process of certification of planting material in Armenia.  Agricultural machinery leasing and rural insurance programs are being  successfully implemented. 

The animal numbering program has started, around 100,000 have been  numbered. In the third quarter of 2022, 6,969 units of loans were  provided with the subsidy program for rural loans, with which the  target set by the Government is almost fulfilled (7,000), the total  loan portfolio is 224 billion AMD. The program will be discontinued  from January 1, 2023. The implementation of a number of other  programs also continued, and in parallel, the monitoring of their  results was carried out.  

Development strategies for various branches of the economy have been  developed and are under discussion/circulation.  An exchange of ideas  took place around the presented reports.  Nikol Pashinyan was  presented with details of the completed works, the progress of major  investment projects, industrial policy, sectoral institutional base,  as well as a number of other topics.  The Prime Minister noted the  importance of the correct assessment of the  cost-effectiveness/profitability ratio of investment projects,  emphasizing that the Government will continue to focus on the  implementation of investment projects that provide multiple economic  effects and support the improvement of the business environment.  

According to the Head of the Government, the creation of the  necessary legislative base for public-private partnership will allow  the successful implementation of a number of planned investment  projects. Nikol Pashinyan also emphasized the importance of proper  implementation of quality infrastructure and accreditation process,  protection of intellectual property rights, which is a serious factor  both in terms of export, investment attraction, and business  promotion.  

Based on the results of the discussion, Prime Minister Pashinyan gave  instructions to those in charge.