Armenia plans to up engineering production volume to $80 mln by 2015

Armenia plans to up engineering production volume to $80 mln by 2015

PanARMENIAN.Net - The development of engineering in the framework of export-oriented industrial strategy will allow for USD 65-80 mln worth production volume by 2015, 40-45% export upsurge, increase of jobs to 5600, as well as creation of relevant infrastructures complete with modern laboratories, according to the head of the standing committee on Financial-Credit and Budgetary Affairs of the National Assembly.

As of 2010, annual production volume in the sector of engineering totaled USD 35 mln, with USD 17 mln export volume and 4000 jobs.

At Republican Party of Armenia (RPA)-organized seminar on export-oriented industrial development strategy, Gagik Minasyan pointed out Mars factory operations in free economic zone and Engineering University’s reforming into an international scientific center as prospective directions.

As Enterprise Incubator Foundation director Bagrat Yengibaryan told journalists, at present, the IT sector provides 100% income in engineering through production of precision instruments for the spheres of telecom, education and aeronautics for export.

On December 4, TUMO center for creative technologies is hosting a seminar on export-oriented industrial development strategy, with representatives of government structures, entrepreneurs and politicians attending.

 Top stories
Wizz Air Abu Dhabi will be regularly flying from the Armenian capital of Yerevan to Abu Dhabi, UAE.
The ruble was trading at a low of 74.9 to $1 on March 9 morning, after another wild start to the week for financial markets.
Pashinyan said that raising the efficiency of the fight against corruption will be one of the most important challenges.
The Council adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes.
Partner news