YEREVAN, APRIL 22, ARMENPRESS. Armenia’s PM Karen Karapetyan visited the ministry of economic development and investments where a number of issued were discussed, specifically the development process in various branches of the economy, documented economic indicators, attraction of investments, improvement of the business environment etc.

The PM was briefed that encouraging economic indicators were recorded in the first quarter of 2017 in the country. The growth of economic activity totaled 6,6%, industrial output 16,1%, exports 16,5%, tourism visits 18,2% and others.

It was mentioned that a potential exists for significantly increasing exports, which will be the main moving force for ensuring economic growth.

The main branches of exports growth are the fields of metals and concentrates, beverages, tobacco, jewelry, light industry and pharmaceuticals.

The goal is to achieve a positive balance of commercial account during the upcoming five years.

Ministry officials said providing 200 million dollars growth in exports is realistic, while in 2018 the growth will amount to 450 million dollars compared to 2017.

In terms of logistic services, companies began to display great activeness also. Their number has reached 4.

At the same time it was mentioned that the main markets for Armenia in terms of increasing exports volumes are the EEU countries, followed by European Union countries, the UAE, Iran, Turkmenistan, China and others.

Namely it is expected that during the upcoming three years exports to the EEU market will be increased by 400 million dollars, while to the EU market by 100 million dollars.

“You are saying exports must exceed imports by 2022, you are making a very good claim. Will we be able to achieve that? Do you know what production you will increase for exports, what you will decrease from imports?”, the PM asked. Ministry officials responded positively.

They mentioned the yearly exports growth must amount not less than 20%, while in 2017-2018 it is expected that 15 thousand new jobs will be created in the abovementioned branches, mostly in the light industry sector.

“Our main goal is for citizens of Armenia to be satisfied with their freedoms, security, protection, social and household conditions. For this, jobs must be created, laws, etc. Exports have the biggest impact on jobs, but when we say employment, jobs, we must understand the entire volume, we must classify what impact the export will have, and what impact the substitution of imports will have”, the PM said.

Ministry officials said specific expectations and relevant timelines are already set in terms of investments and new enterprises in the light industry branch.

It is expected that exports in 2018 in the light industry branch will exceed 56 million dollars, while for example in 2016 only 12 million exports were expected.

Programs and actions for improving the business environment were also presented to the PM.

Ministry officials mentioned Armenia is ranked 38th among 190 countries in the Doing Business 2017 report of the World Bank. Armenia is ranked 3rd among CIS states and 2nd in the region. 43 different programs are planned for 2017 under the government action plan.

224 potential investors have already applied to the ministry in the first quarter of 2017.