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Time in Yerevan: 11:07,   29 March 2024

There is stable macro-economic environment in Armenia – President Sargsyan

There is stable macro-economic environment in Armenia – President Sargsyan

YEREVAN, OCTOBER 11, ARMENPRESS. There is a stable macro-economic environment in Armenia which is an important condition for doing business, President of Armenia Serzh Sargsyan said during “Armenia: Investment Forum 2016” in New York, “Armenpress” reported.

The President said the recent developments in the region and the CIS states, in particular, the sharp depreciation of currencies showed that Armenia is capable of resisting external negative shocks ensuring stable and predictable macro environment in the country.

He said the Armenian Government and the Central Bank satisfy the public’s expectations and enable our national currency to be depreciated in accordance with economic fundamentals. Serzh Sargsyan emphasized that they are going to strictly follow the golden rule of maintaining macro-economic stability through effective fiscal and monetary policy.

“Of course, we are committed to further improving Armenia’s business environment. We give priority to introduction of digital governance aimed at providing our people and business circles with services in line with 21st century’s requirements. For instance, today everyone can follow online all budget expenses, can make requests and inquiries to the public service authorities and follow the process of his/her application, can obtain licenses and other state services via e-mail”, the President said.

He said they are planning to significantly improve the tax and customs sectors for making the business environment more effective in Armenia.

“The Armenian Parliament adopted the new Tax Code a week ago which gives certain privileges to businessmen and investors. We have simplified the procedures carried out by the tax authorities. Recently we were committed to making our business environment more stable and predictable through the implementation of reforms in the justice field and firm commitment to principles of investments protection. Those principles actually were enshrined in 2015 Constitutional reforms, where there is a special emphasis on provisions related to business development and investments facilitation. Due to such changes there is going to be a transition from semi-presidential system into parliamentary in Armenia soon. We think that the parliamentary system will be more effective for Armenia, from the economic point of view as well”, he said.

The newly formed Armenian Government has received wide powers to move forward the process of legal and institutional reforms for making Armenia’s investment environment much more attractive for local, as well as foreign investors. In this regard, the Ministry Economy was renamed into Ministry of Economic Development and Investors. Moreover, the Armenian Development Fund received a power to assist foreign investors on all issues.

“We consider the involvement of foreign investors as an important component for boosting Armenia’s economy. Thus, we are obliged to ensure pilot legislative solutions for major investors who will want to use today’s and tomorrow’s Armenia’s opportunities as a gate to major regional markets”, Serzh Sargsyan said.








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