MORALITY OF ARMENIAN BUSINESSMAN NEEDS TO BE CHANGED, UMBA CHAIRMAN SAYS

Noyan Tapan
March 17, 2010

YEREVAN, MARCH 17, NOYAN TAPAN. "The financial and economic crisis is
over, but a longer and more difficult phase of overcoming the crisis
consequences has begun," Chairman of the Union of Manufacturers and
Businessmen of Armenia (UMBA) Arsen Ghazarian stated during the March
17 press conference, adding that it will take several years to deal
with the consequences of the crisis that lasted one year.

He said that a number of UMBA programs are aimed at overcoming these
consequences. According to him, the crisis and its consequences are not
the only hindrance to businessmen: his everyday contacts with Armenian
businessmen show that corruption prevents their work, especially the
activities of small and medium businessmen. "No doubt big business is
not free of corruption either, but its impact on big business is not so
considerable as on small and medium business," A. Ghazarian underlined.

In his opinion, it is necessary to raise awareness of those engaged in
small and medium, as well as in big business. Besides, the morality of
the Armenian businessman needs to be changed. Work in this direction
is being done by the UMBA and the government. A. Ghazarian said that
their union has developed a moral code of businessmen, while the
government is preparing a moral code of managers.

As for the tax reforms that have been carried out for two years, A.

Ghazarian said they are satisfied with them, but the changes are
quite slow.