ArmInfo. The Armenian authorities are taking steps to develop the potential for textile exports. For this purpose, it is planned to subsidize textile industry enterprises that actively developed the export direction over the previous year, but were not engaged in re-export. The decision on this was made at the meeting of the RA government on August 7.
As the RA Minister of Economy Gevorg Papoyan noted in his speech, the production of clothing and sewing accessories is one of the strategic export sectors of the Republic of Armenia and plays a key role in the economy, but it is difficult not to notice serious risks and problems that require a comprehensive solution. Currently, local textile enterprises are in need of raw materials. Conducted studies show that if producers have raw materials of the appropriate quality and volume, the volume of production in the textile industry will tend to grow.
To increase market stability and balance, it is necessary to diversify the supply chain by stimulating the import of raw materials and the export of textile products. In this context, ensuring access to affordable working capital financing is of great importance, as due to the lack of capital required to import raw materials, enterprises often experience problems with production volumes and product quality, which can have a negative impact on the economy. Thus, diversification of supply chains for textile industry organizations, in particular, diversification of raw material imports and support for work on international e- commerce platforms, will contribute to the qualitative growth and development of the textile industry in Armenia, stimulating the country's export potential and economic development.
Ensuring the diversification of raw material supply chains for textile industry organizations is considered one of the areas of economic modernization, as it ensures stability and continuity of production, which is undoubtedly an important component of modernization.
The development of e-commerce in the textile industry is as important a factor in economic modernization as the diversification of supply chains. It opens up new opportunities, improves the business environment and encourages local producers to develop and comply with international standards, as well as to modernize exports.
Currently, online trading has become an important factor in increasing the recognition and availability of Armenian products in both local and international markets. The rapid development of technologies creates new opportunities for selling products in various markets, and many manufacturers can use these platforms to expand exports and increase international sales.
For these purposes, the RA government will subsidize interest rates for financial resources attracted by domestic enterprises from the country's commercial banks for the purchase of necessary raw materials and advertising of products on international platforms for 12 months. At the same time, interest rates will be subsidized at 8% in the case of a loan in drams and at 6% in foreign currency.
