Armenia’s ministry of economy to present export promotion strategy

Armenia’s ministry of economy to present export promotion strategy

The RA Ministry of Economy plans to present an export promotion strategy to the RA Government by November.

RA Minister of Economy Nerses Yeritsyan said that the strategy provides for the increase of the share of Armenia’s products on the world market and protection of local producers.

In this context, the Minister pointed out that the current situation, namely, higher rates of increase in imports, is to last for another 5-7 years, as long as the investment stage of economic development comes to its end in Armenia.

“We will be able to stabilize and, later, slow down the rates of increase in imports to Armenia after Armenia has completely formed facilities for exporting high-tech products,” Yeritsyan said.
The RA Statistical Service reports that Armenia’s exports totaled 104bln AMD ($337.2mln) in January-April 2008 – a 4.4% increase. Imports totaled 368.3bln AMD ($1,194.2mln AMD) – a 37.2% increase. The unfavorable foreign trade balance totaled 264.4bln AMD ($857mln).