Minister describes diversification of economy as ‘vital necessity’

YEREVAN, SEPTEMBER 12, ARMENPRESS. The diversification of the Armenian economy is a vital necessity for increasing the country’s competitiveness and resilience, minister of economy Gevorg Papoyan has said.

“For us, the diversification of the economy is a vital necessity in the following logic, overall it doesn’t matter how much trade we will do with any given country. For example, if our trade with the United States were to be eighty percent, and with the rest of the world twenty percent, I’d still talk about diversification. I’d still talk about it if it were eighty percent with another country, and twenty with the rest. Diversification is a process as a result of which exports and imports depend on numerous places, rather than one,” Papoyan said.

The minister said there are no totally self-sustainable countries in this regard. 

“The more options you have in this process the higher economic and food security and other kind of security you have. This is a very reasonable step. Therefore the strategy of diversification is a vital necessity for increasing our country’s competitiveness and resilience, and not for preparing for some other things,” the minister said.