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Minister Of Finance And Economy - Artsakh

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  • Minister Of Finance And Economy - Artsakh

    Minister Of Finance And Economy - Artsakh

    Thu, Jul 24th, 2014
    http://www.european-times.com/sector/minister-finance-economy-artsakh/


    Impressive Economic Performance Since 1997

    Spartak Tevosyan, Minister of Finance and Economy

    Spartak Tevosyan, Minister of Finance and Economy, discusses Nagorno
    Karabakh's impressive economic performance since 1997. He also notes
    the republic's outstanding investment attractions.

    European Times: Please give a brief overview of Nagorno Karabakh's
    recent economic performance.

    Spartak Tevosyan: The economy has been performing very well since
    1997, averaging 10% growth per year. In 2013, the republic's GDP
    totalled approximately EURO 310 million compared to EURO 35.6 million in 1997.
    Per capita GDP is now close to EURO 2,091. In addition, the average salary
    in 2013 was EURO 205.1whereas in 1997, it was EURO 24.7.

    European Times: What is the tax system of Nagorno Karabakh?

    Spartak Tevosyan: Nagorno Karabakh has a value-added tax of 20%, an
    excise tax, an income tax for individuals at the rate of 21% of the
    salary, and a profit tax of 10%. These taxes support the state budget,
    which is 10 times bigger than it was in 1997. Around 24% of the budget
    funds social programmes, 15.5% are for education, 6.3% for healthcare
    and 3.5% for culture. During the global economic crisis, our citizens
    did not suffer because the state financed social programmes. Our taxes
    are low compared to other countries in the region.

    European Times: Which sectors offer the most investment potential?

    Spartak Tevosyan: In 2013, agriculture accounted for 14% of GDP,
    industry 13.3% and construction 9.2%.

    The mining sphere has developed significantly in Artsakh for the
    recent years, becoming one of the most powerful subsectors of the
    industry and providing 40-50% of the entire industrial product.
    However, we have managed to provide the progressive development of
    other subsectors of the industry as well, and in 2012-2013, the mining
    sphere provided nearly 25% of the entire industrial product,
    maintaining the production volumes.

    We are strongly supporting the growth of the mining industry but we
    are also promoting all industrial activities, including
    food-processing, textiles and fabric production. In the energy sector,
    hydropower has enormous potential. We have built eight small hydro
    plants which provide over 70% of the country's energy needs. In 2013
    we produced more than 190 million kWh. We welcome investors in the
    energy sector. The construction sector is also a leading economic
    driver and new systems for housing loans should stimulate the sector
    further. Agriculture remains very important to the local economy, and
    the tourism sector is growing rapidly. We are also promoting ICT and
    the government has established the Artsakh Information-Technology
    Centre as a first point of contact for ICT investors. The Artsakh
    Investment Fund also supports investors.

    European Times: What is your personal message to potential visitors
    and investors?

    Spartak Tevosyan: Our country is young but with an ancient history,
    and in the last 20 years we have made impressive progress. We welcome
    investors and are ready to assist them.

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