ARMENIA NEEDS REFORMS IN WORK WITH SMALL, MEDIUM BUSINESS

ARKA News Agency, Armenia
Oct 5 2007

YEREVAN, October 5. /ARKA/. The work with small and medium business
must be reformed at the state level, RA minister of Trade and Economic
Development Nerses Yeritsyan stated at his meeting with teachers and
students of Armenian State University of Economy.

According to him, the Government should pay more attention to small
and medium business.

"An increase in the number of cases of know-how has been recorded in
Armenia over the last few years, which is decisive for determining
the most promising industries," Yeritsyan said.

He pointed out that the sector is now developing well, serious
organizations are being established able to create up to 300 jobs
and ensure rapid development due to the introduction of modern
technologies.

"Small and medium business may become the important engine that will
show us the most secure directions of industrial development and
ensure Armenia’s global competitiveness," he said.

The RA National Center for Small and Medium Business Promotion reports
that the share of small and medium business in Armenia’s GDP was 40.3%
in 2006 against 39.8% in 2005. The share of small and medium business
in Armenia’s exports was 16.9% in 2006 against 16.4% in 2005.

A total of 350mln AMD were budgeted in 2006 for the implementation of a
government program of small and medium business promotion, with about
110mln AMD attracted under programs of cooperation with international
organizations and local government bodies. ($1 – AMD 332.87).