DIRECTOR GENERAL OF ADA: ALTHOUGH EXPORT CONDITIONS ARE UNFAVORABLE IN ARMENIA, EXPORT GROWTH RATES ARE HIGH

Noyan Tapan
Dec 21, 2007

YEREVAN, DECEMBER 21, NOYAN TAPAN. The export growth rate of 18.6%
registered in Armenia in January-October 2007 on the same months
of 2006 is a high rate, especially if we take into account such
unfavorable factors as the dram’s appreciation and the fact that
diamond exports declined, making almost half of last year’s index. The
director general of the Armenian Development Agency (ADA) Tigran
Davtian expressed this opinion at the December 21 press conference. He
reminded that without diamond exports, the growth was higher – 33.2%.

In his words, the dram’s appreciation tendencies will objectively
continue because the high growth rates of economy, capital, investments
and remittances will remain.

By forecasts of ADA director, exports will amount to 1.2-1.3
billion USD by 2008’s results. It was noted that both exports and
foreign investments are growing at progressive rates as compared with
GDP. Besides, the diversification of the range of exported goods and
of investment spheres is increasing. The number of partner states is
also on the increase.

He expressed a hope that the share of the information and high
technologies sectors in exports will gradually grow. Diamond cutting
accounted for a large share in the past, whereas mining industry and
metallurgy are now the leaders.

T. Davtian said that Diasporan Armenians have direct or indirect
participation in 60-65% of Armenian enterprises operating with foreign
capital. Their share in foreign investments in Armenia makes up 20-25%.