Time in Yerevan: 11:07:36,   14 December

Expert cites multi-million dollar savings resulting from Armenia’s proper economic policy

YEREVAN, FEBRUARY 24, ARMENPRESS. Doctor of economics professor Ashot Tavadyan says it is necessary to design a road map and increase exports volumes from 3 billion dollars.

The economist told a press conference that in order for quantitative indicators to shift to qualitative the diversification of exported products must be ensured.

Tavadyan, a member of the Eurasian Expert Club, says Armenia’s foreign policy has proceeded on a positive path, which is proved by the numbers also. “During two years our exports grew by 50%, we never had such an indicator before. Exports of finished goods had a great role here, which mainly went to Russia, with exports growing by 45% in a year”, he said.

Tavadyan also highlighted the development of relations with other countries, especially with Iran and China, as well as strengthening of ties with the EU.

“We are saving nearly 10 million dollars annually through the GSP+ system”, he said.

Regarding the impact of favorable energy prices associated with membership to the EEU, the expert says the impact is yearly 60 million dollars.

In terms of sustainable development of the economy the economist highlights shifting to exporting finished goods from exporting raw materials.

“For a country with a small economy with less raw materials the main direction for economic development is exporting finished goods. Proceeding from this, we designed the vector which is showing the main direction of development of our economy. There is no difficulty in the world for exporting raw materials, our experience of exporting copper concentrate also shows this. Regarding finished goods, there are serious problems here. This is the main goal of the economy, this was the reason why we advised to join the EEU. Expand this opportunity and receive relatively cheaper energy resources”, Tavadyan said.


English –translator/editor: Stepan Kocharyan

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