ECONOMIC GROWTH IN THE COUNTRY WILL “EXHAUST ITSELF” ALREADY BY 2007
WITHOUT SCIENCE

YEREVAN, FEBRUARY 26. ARMINFO. If no policy of innovation development
of economy in Armenia is not elaborated and implemented within the
nearest future, the economic growth in the country will “exhaust
itself” already by 2007. Deputy Minister of Trade and Economic
Development of Armenia Gagik Vardanyan says at an International
Economic Forum “Bridge 2005” in the Armenian resort town of
Tsakhkadzor, today.

He says that by that time the policy of “restoration” of the
quantitative potential of economy of Soviet Armenia will exhaust. In
this connection he points out the necessity of changing over to the
innovation stage of economic development. In this connection, the
government elaborates a new policy of economic development. Besides,
Vardanyan touches upon the problems of lack of credit funds in the
country stating that the banking system of Armenia is crediting
business project not actively enough. “Armenia needs formation of
financial system maximum guaranteeing risked business-projects,”
Adviser of CB Chairman of Armenian Suren Vardumyan says. Besides, he
points out the necessity of forming a secondary securities market
which is currently exist only on paper.

The forum participants also discussed a number of transport and
banking problems. In particular, tasks of integration of Armenia into
the International Transport Corridor “North-South” and into the
process of the use of train-ferry Poti-Port Caucasus.