Does Armenia need an echelon of export-oriented companies?

 June 9, 2011 - 13:23 AMT

PanARMENIAN.Net - Executive director of the Union of Armenian Manufacturers and Businessmen Gagik Makaryan said Armenia needs to diversify export oriented production.

Currently import to Armenia exceeds export by 20-25%, and this trend has been maintained for the past 5-6 yeast, Makaryan told a press conference in Yerevan on June 9.

According to him, 80% of exported products from Armenia are represented by 15 goods, including output of the mining industry, brandy, gold, etc. “We face the problem of production diversification,” noted Makaryan. As for import, 25 goods make around 50% of imported products to the country.

Makaryan believes there are two approaches to solve the problem: Armenia needs either to develop a concept of export development and create an echelon of export-oriented companies capable of sweeping foreign markets or improve the business environment, what is done by the government. “As a result, businesses will gain a potential for expanding their export opportunities,” he concluded.