Karen Chshmaritian Comments On Economic Situation in Armenia

YEREVAN (Noyan Tapan)–Minister of Industry and Trade Karen Chshmaritian said that the published volumes of the planned investmen’s in Armenia’s economy are based on theoretical calculations and forecasts and may not be true. According to him–only the cost of particular investment programs and the volume of investmen’s under these programs can be looked upon seriously. The minister believes that the normal operation of the "Nairit" enterprise requires $50-60 million of which $20-30 million will be used for the initial stages of operation–and the construction of a new molybdenum plant requires $40-60 million.

Chshmaritian pointed out that the government’s investment policy is currently aimed at creating an economic situation that is favorable to the investors’ activities as well as at simplifying the investment realization process. He also pointed out the importance of increasing the efficiency of state property management as well as the importance of the authorities’ assistance in training highly skilled personnel–especially managers. According to the minister–only 10-20 percent of Armenia’s enterprises have highly qualified managers.

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