Government seeks to boost priority industrial sectors
YEREVAN, DECEMBER 24, ARMENPRESS. The Armenian Ministry of Economy is working on a development strategy for 5 priority sectors – diamond production and jewelry industry (goldsmithing), light and heavy industries and pharmaceuticals.
The Deputy Minister of Economy Narek Teryan told ARMENPRESS that they will provide support programs in various directions to encourage the sectors.
The development concepts are under preparation. The support programs will include leasing subsidization, among others.
Teryan believes that the development of these sectors will solve social issues, jobs will be created in these industries and new technologies will be applied, focusing on automation.
The Deputy Minister noted that Armenia has always had potential in diamond production.
“Prior to 2003 we’ve always had growth in diamond processing and exports, but after that the figures started to drop due to poor conditions for imports of raw materials. Last week the government approved the creation of the Hay Almast State Company. The company will have contracts will the Russian Alrusa and Gokhran companies, who will supply the raw materials and then the company will transfer it to Armenian companies. Individual private companies, for example, have difficulties in acquiring long-term contracts with Alrusa. 37 companies have contracts with Alrusa, and it is planned that one of them will be Hay Almast. Thus, we will solve the raw material issues in this sector. I think we will record growth very quickly,” Teryan said.
The government seeks to achieve at least 15% of the processed industry role in GDP by 2026.
Speaking about pharmaceuticals, Teryan reminded that an Armenian company already launched the production of the Sputnik Light vaccine this year. He said this is only the first step, and the production and exports in this sector will develop.
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