Approaches Toward Armenia’s Industrial Development Discussed

YEREVAN (Noyan Tapan)– Minister of Industry and Trade Hayk Gevorgian reported on the main approaches towards the country’s industrial development at a recent meeting of the Ministry Board. The new composition of the Board was approved by the government on March 4. It includes "Armelectromach" CJSC Executive Director Karen Demirchian–Grand Tobacco JV Director General Hrant Vardanian–Director of the Yerevan Jewelry Factory Emil Grigorian and President of the National Academy of Sciences of Armenia Fadey Sargssian.

Gevorgian said that it is necessary to postpone the debts–penalties and fines of a number of enterprises for several years. Gevorgian believes these measures–alongside better management–will make it possible to increase output and sales by 25-30% at state-run enterprises. According to the minister–not all enterprises must be subject to the procedure of bankruptcy–which sometimes "may kill the patient".

Professional structures will be set up with a view to arrange a trade and industrial exhibition. The minister is of the opinion that "absolute protection" of the local market is inexpedient: the application of tariff barriers should be minimized and the system of quality standards be toughened.

In organizing production the government attaches importance to the establishment of companies (with the government’s share) which will engage in marketing products–introducing innovative programs and seeking foreign partners.

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