CHAIRMAN OF PARLIAMENT COMMITTEE STRESSES DIVERSIFICATION OF ECONOMY AND FIGHTING SHADOW SECTOR

ARKA
Jan 27, 2010

YEREVAN, January 27, /ARKA/. Gagik Minasian, chairman of a
parliament committee on financial-credit and budget issues, said
today diversification of the economy and fighting the shadow sector
are the guarantees of future economic growth.

Speaking at a news conference he said Armenian economy was hit
severely by the global economic crisis and one of the reasons of
problems faced now by the economy is its low level diversification

He said the government plans to invest additional funds in diamond
cutting industry in a bid to diversify the economy.

Armenia has asked lately Russia to provide it with a $120 million to
boost the diamond industry, which was the country’s major economic
locomotive in early 2000th, but has plunged in recent years.

According to Gagik Minasian, the government should support also
traditional sectors, such as construction and mining. He next
emphasized fighting against the shadow economy, saying it will
facilitate business running and application of anti-trust legislation.