ArmInfo. The budget of the Ministry of Economy of Armenia for 2024 will be 92.2 billion drams, which is 47% higher than a year ago. Minister of Economy of Armenia Vahan Kerobyan stated on October 31 at the RA NA Standing Committees discussions on the draft state budget for 2024.
Of this amount, 20.4 billion drams will be allocated to support SMEs, which is several times higher than the figure a year ago. The minister noted that over the past 2 years, state assistance in this direction has increased 5-fold. In this regard, he referred to the economic modernization program, which involves the modernization of equipment and production lines, which about 3 thousand business entities took advantage of. The program portfolio amounted to 167 billion drams, and it could reach 200 billion drams by the end of the year.
"This means that we are dealing with a portfolio of $500 million. This is a large portfolio for the Armenian economy. With the implementation of the program, we see an increase in tax payments from the latter, an increase in the level of productivity," he said, noting that the program will raise labor productivity in the country to a qualitatively new level.
According to the Minister, funding for the implementation of activities within the framework of the export strategy has been increased almost 2-fold - from 300 million drams to 577 million drams, 500 million drams will be used to finance logistics services, in particular those related to the costs of subsidizing ferry services.
As good news, Mr. Kerobyan also announced an increase in funding for capital expenditures for the modernization of the quality infrastructure system from 30 million drams in 2023 to 1,030 billion drams for 2024. He noted that several new laboratories will be established with these funds. "This indicates the government's intention to develop quality infrastructure and improve the quality of goods and services exported from Armenia so that the latter meet international standards," he emphasized.
According to the Minister, next year the funds will also be used to develop a strategy for the textile and pharmaceutical industries, attract highly qualified specialists, retrain the Ministry's employees, develop complex legislative initiatives with the involvement of consulting companies, acceleration and incubation programs for SMEs, programs for increasing the scientific component in entrepreneurial activities, attracting investments, diversifying exports, etc.
He also announced a program that will soon be presented to the government and will concern preferential lending to start-up and small businesses. The minister noted that expenses for this program have not yet been included in the department's draft budget for next year. "We plan to ensure an environment in which there will be high financial accessibility specifically for beginning entrepreneurs," Mr. Kerobyan noted.
