CONCEPT OF INDUSTRIAL PRODUCTION TO BE DEVELOPED IN ARMENIA

PanARMENIAN.Net
22.09.2009 16:52 GMT+04:00

/PanARMENIAN.Net/ Part of financing provided by international
structures should be allocated to industrial production development,
Head of RA Manufacturers’ Union Vazgen Safaryan believes.

He reminded that during 8 months of crisis, 18.5% GDP slump
was registered in Armenia. GDP in Armenia is mostly comprised of
construction, which proves that " world financial crisis seriously
affected RA economy."

"The Government undertook some steps to stimulate local production,
yet the majority of means was allocated to preserve the existing
construction rate. Still, the slump in construction sphere comprised
20-55% during 8 months," he noted. According to Safaryan, AMD 840
billion was invested in construction in 2008. " Industrial production
share of GDP comprised 22-23% in 2008. In crisis circumstances
industrial production volumes decreased to 10-11%. By the end of 2009
the export will comprise around $550-600 million."

Vazgen Safaryan believes that industrial production concept should
be developed in Armenia. "We already undertook some steps towards
resolving the issue, as without industrial production Armenia will
be unable to provide jobs and product production to supply inland
revenues regardless of economy fluctuations or seasonal conditions,"
Head of RA Manufacturers’ Union stated.