December 29, 2011

Armenian authorities intend to restore the industrial potential of
the country, Arsen Ghazarian, chairman of the Union of Industrialists
and Entrepreneurs, the largest business organization of the country,
said today.

"The market has received the long awaited industrial development
policy, which has determined export-oriented sectors for the next 20
years," he said after a meeting today between president Serzh Sargsyan
and prominent representatives of the Armenian business community.

The strategy commissioned by the World Bank was developed by a group
of experts with the assistance of the ministry of economy. It focuses
on building an advanced industrial system, aimed at boosting exports,
which in turn is supposed to stimulate production of high quality
products meeting international standards, to help Armenian companies
win new foreign markets and create new jobs. The strategy specifies
what the government seeks to achieve by 2020. More specifically,
exports are supposed to double by 2015 and reach $3 billion by 2020.

To implement this strategy the government will set up Industrial
Council to be chaired by the prime minister of Armenia, as well as
establish sub-councils to coordinate projects in 11 chosen sectors.

Ghazarian also said the outgoing year in Armenia was quite difficult,
but was marked also by conspicuous achievements.

"First and foremost, I mean the targeted policy of the government to
provide assistance to those enterprises that are engaged in exports.

In other words, we have adopted a mechanism that did not exist"
he said.