BUSINESS ENVIRONMENT IN LINE WITH INTERNATIONAL STANDARDS SHOULD FORM IN ARMENIA, PRIME MINISTER SAYS

Noyan Tapan
April 22, 2008

YEREVAN, APRIL 22, NOYAN TAPAN. The prime minister Tigran Sargsian
on April 22 presented the re-appointed minister Nerses Yeritsian to
the staff of the RA ministry of economy (previoulsy the ministry of
trade and economic development). According to T. Sargsian, henceforth
the minister will head a new ministry which should cooperate closely
with the ministry of finance.

T. Sargsian pointed out the formation of business environment as a
priority of the sector. At the same time he underlined that there are
a lot of unsolved problems in economy. In his words, measures should
be taken in order to create a favorable business environment through
regulation of the normative field and to raise the quality of service
and make them competitive. "We should form a business environment in
line with international standards, a business environment that will
give us a competitive advantage in the region," he stated.

In his opinion, today Armenia lags behind in the regional competition,
and neighboring countries have surpassed Armenia by many criteria. In
particular, rapid reforms have been made in customs and tax sectors
of Georgia, and it will take Armenia at least 18 months to overtake
Georgia.

Nevertheless, according to the prime minister, the Armenian banking
system is ahead those of its neighbors by 3 years, and he expects
the other sectors to make success too.