ArmInfo. A Fund for the Development of the Textile Industry will be established in Armenia with the support of the British government. Rafael Gevorgyan, the Deputy Minister of Economy of Armenia said at the opening ceremony of the first Fashion Week in Yerevan (Yerevan Fashion Week).
In particular, he said that a corresponding agreement was signed yesterday between the expert group of the Ministry of Economy, which worked on the development of a strategy for the textile industry in Armenia, and the British government. In this regard, Gevorgyan promised that creative ideas would be properly valued, protected and become a profitable field of activity in Armenia.
The Deputy Minister recalled that just over a year ago, the government adopted a strategy for the development of the textile industry, which was developed with the support of the British and German embassies. " The strategy is based on increasing added value and increasing productivity," said Gevorgyan. In this context, he emphasized that the state will allocate more than $30 million for the development of the industry in the coming years.
The development strategy was adopted at the beginning of 2023. The document contains 3 key areas for 2023-2026: development of human capital and opportunities; increasing production capacity and stimulating exports. As a result of the implementation of the strategy, it is expected that production volumes will increase by 1.8 times, and export volumes will reach $500 million.
