40 export-oriented companies to be established in Armenia by end of 2011

PanARMENIAN.Net - Chairman of the Union of Manufacturers and Businessmen of Armenia Arsen Ghazaryan said that around 10 companies supplied with modern equipment already operate in Armenia, while their number will reach 30-40 by the end of 2011.

After awarding of 8 companies by a medal of Armenian Prime Minister Tigran Sargsyan for contribution to the country’s economy, Ghazaryan said “these companies’ contribution to growth in export volume will be significant, we just need to wait.”

According to him, while studying companies the government paid attention to those companies, which made large-scale investments in 2010 and created new production capacities.

Ghazaryan noted that growth in export volumes was recorded in Q1 2011, expressing belief that the paces of growth will accelerate in the upcoming quarters. He added that the country’s policy is aimed at substituting import and creating new jobs.

In March 2011, foreign trade turnover in Armenia grossed USD 430.3mln, increasing by 14,1% compared to last year’s results. 18.1% growth was reported in it in March 2011 against February indices. Export and import comprised USD 92.2mln and USD 338.1mln in March that is 21.8% and 12.2% higher compared to the same period in 2010 respectively.