Concept of industrial production to be developed in Armenia

PanARMENIAN.Net - Part of financing provided by international structures should be allocated to industrial production development, Head of RA Manufacturers' Union Vazgen Safaryan believes.



He reminded that during 8 months of crisis, 18.5% GDP slump was registered in Armenia. GDP in Armenia is mostly comprised of construction, which proves that '' world financial crisis seriously affected RA economy.''



''The Government undertook some steps to stimulate local production, yet the majority of means was allocated to preserve the existing construction rate. Still, the slump in construction sphere comprised 20-55% during 8 months,'' he noted. According to Safaryan, AMD 840 billion was invested in construction in 2008. '' Industrial production share of GDP comprised 22-23% in 2008. In crisis circumstances industrial production volumes decreased to 10-11%. By the end of 2009 the export will comprise around $550-600 million.''



Vazgen Safaryan believes that industrial production concept should be developed in Armenia. ''We already undertook some steps towards resolving the issue, as without industrial production Armenia will be unable to provide jobs and product production to supply inland revenues regardless of economy fluctuations or seasonal conditions,'' Head of RA Manufacturers' Union stated.
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