Armenia’s Industrial Development Strategy Was Presented


Prime Minister Tigran Sargsyan participated in the economic seminar organized by the Republican Party of Armenia at Tumo Center for Creative Technologies in Yerevan. Therefore, Armenia’s industrial development strategy was presented. The seminar was attended by Government and the National Assembly, as well as business sector representatives. Greeting the participants of the seminar, Tigran Sargsyan noted, “This economic seminar has two goals: first, the Republican Party of Armenia is going to present a very essential document for our country and we are going to organize discussion on this platform, create an atmosphere and environment in which the document will be re-elaborated, based on the recommendations submitted during the discussions. The second goal is to create a new culture of inter-party relations and to give an opportunity to the wide range of the public to participate in the discussion of such an essential document.” The Prime Minister said that macroeconomic stability is not sufficient for the development of an efficient management model and we have substantial deviation from macro and micro economic levels, which had its negative impact during the global crisis. “Armenia is associated with numerous risks in the region, which also have their impact on our economy. We live in a fast-changing world, where the mutual impacts grow stronger day by day, and we have to build our policy to be able to bring this impact to a minimum and have an open economic model.” The Head of the Government said that the basic process of modern economies is no longer the production of goods, but the production of knowledge. “This will be the driving force of modern economy and we must keep the focus on knowledge-based industries. We should establish economic infrastructures that will serve the intellectual work and those who create new knowledge.” With reference to our present economic situation, Tigran Sargsyan noted, “Our aim is to overcome poverty in a short period of time. We have to take this into consideration when establishing our new economic model. It is of essential importance for us to create a middle class and our new economic model should also be able to fulfill this requirement.”
The Prime Minister said that the authorities have begun and export oriented industrial policy, with the support of the World Bank and international organizations. “The basic principle of the policy is to introduce a new platform – cooperation between the state and the private sector. This means that we have to explore our industrial objectives with the private sector, as well as the relative advantages and projects.”
It is expected that the strategy will lead to a long-term economic and export structure diversification; the main target of the industrial policy is the manufacturing industrial sphere with export potential.  

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