ArmInfo. The activities of the Ministry of Economy of Armenia in 2024 were aimed at developing the main sectors of the RA economy and their productive management. As a result of these programs, we can record that the economy of the republic has achieved almost 6% real growth (5.9%, with 7% budgeted for by the state budget - ed.).
This was stated by the head of the department Gevorg Papoyan on June 16 at a meeting of the standing committee on economic issues, presenting a report on the execution of the state budget for the past year.
Without going into details, Papoyan noted that in the reporting year, the volumes of investment, foreign trade, including exports, increased significantly, and the tools for implementing economic policy were improved. Mechanisms for the development of the capital market, which are popular all over the world, were introduced, but even the legislative field was not ready for them in Armenia, the minister added.
"All this, of course, contributed to the growth of economic activity and increased competitiveness," Papoyan said.
The work of the Ministry of Economy, the Minister explained, was carried out in several directions. Thus, the efforts aimed at developing the local industry, according to Papoyan, have already borne fruit - the day before, the company , engaged in the production of metal ingots, released its first product (the Karakert Stone Smelter, better known as the Glass Factory, which had not operated for about 35 years, was bought by Iranian businessmen, and, as noted, the plant will use the scrap metal available in Armenia, which was once exported from the country without added value - ed.). Before that, the Yeraskh Copper Smelter was launched, and recently - an enterprise for the production of batteries.
, - Papoyan said, pointing out that this was achieved due to the fact that in order to develop the production of goods with higher added value and domestic consumption of raw materials, the Government of the Republic of Armenia banned the export of ferrous and non-ferrous scrap metal and waste containing them by a number of decrees. As a result of this policy, three factories have already been opened in the republic, and the fourth will open in October, which indicates that the Republic of Armenia is self-sufficient in this area, he noted.
, the minister said authoritatively.
Speaking about the achievements of the department he heads, Gevorg Papoyan said that in 2024, labor productivity in the republic grew as much as in 2012-2017 - around $1. The portfolio of the economic modernization program aimed at stimulating production reached $1.3-1.4 billion, he emphasized.
The economic modernization program was launched in early 2022. The first component of the program involves reimbursement of financial costs to companies, leasing, subsidizing interest on loans for the modernization of fixed assets, including production lines. Within the framework of the program, the state subsidizes 7% in drams, 6% in foreign currency in the case of a loan agreement, in the case of leasing agreements the subsidy in drams is 10%, in foreign currency - 8%. The program can be used by business entities in the following sectors: agro-industrial complex, mining industry, construction, telecommunications, professional, scientific and scientific-technical activities, healthcare, etc.
