Armenia to extend ban on ferrous metal exports

ArmInfo.  Armenia will extend the ban on ferrous metal exports.  During an extraordinary session on July 2, the National Assembly of  Armenia introduced amendments to the law "On State Duty" in the first reading. 

According to RA Minister of Economy Gevork Papoyan, the country has recently seen a significant increase in the number of enterprises in the metallurgical industry. It is expected that 1-2 more enterprises will be added to the existing ones this year. In order to provide these enterprises with the necessary volumes of raw materials, the government periodically makes amendments to the law "On State Duty", which allows for the preservation of ferrous metals' existing reserves.

In addition, the main goals of the draft law are to ensure equal  competition among industry products on the market, implement longer production chains, and stimulate the development of local products with higher added value.

According to the Minister, the adoption of the bill will stimulate  the processing of ferrous metals, which are strategically important products in the heavy industry sector, a priority industry in the republic. This will lead to the creation of new jobs through expanded production capacity, and will promote fair competition in the market for industry products. It is expected that this bill's approval  will result in a 6 billion dram increase in annual state budget revenues.