Economy

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July, 2020
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Suren Karayan. goal is to bring in the coming five years the share of exports in the GDP structure up to 45%
19/05/2017 20:02

Suren Karayan. goal is to bring in the coming five years the share of exports in the GDP structure up to 45%

Today, at the working meeting with the President of Armenia, the Acting Minister of Economic Development and Investments Suren Karayan reported on the results in the area of export development and attraction of investments as well as about future works.

Suren Karayan noted that the Ministry is working to preserve the positive dynamics of economic indicators for the first months of year 2017 and to provide for the future sustainable development. According to the Acting Minister, the Ministry has set a goal to bring in the coming five years the share of exports in the GDP structure up to 45%. Acting Minister Karayan informed that towards that end studied were industrial areas which possess export potential and development programs of the enterprises. The later received the necessary assistance from the state to be able to utilize that potential. There also has been created a list of import substituting goods; if sufficient support is provided, they can compete with the imported goods.

Acting Minister Karayan reported to the President on the works aimed at entering new markets and strengthening and expanding the positions on the already existing markets. He spoke, in particular, about the promotion of the Armenian goods at the Eurasian Economic Union market, their introduction at major trade chains, steps towards the creation of the EEA common market and establishment of joint production chains. At the meeting, the parties discussed also the measures and prospects for the utilization of Armenia’s export potential in the framework of the European Union’s GSP+ preferencial trade system. According to Suren Karayan, works are underway for a wider use of the export toolbox and in case of necessity for the enhancement of its efficiency.

Acting Minister Karayan informed the President that the program on the improvement of business climate in Armenia for year 2017 has already been drafted. It is expected that after the implementation of the envisaged measures, other things being equal, Armenia’s rating at the World Bank’s Doing Business report will rise from 38 to 26, registering a 12-point improvement. According to Mr. Karayan, the aim is to position Armenia in the next 4-5 years among the top 20 countries of that rating.

The Acting Minister of Economic Development and Investments reported to the President of Armenia also on the process of drafting a new RA law On Foreign Investments which will provide new guarantees for the protection of investments.
Suren Karayan spoke also about the programs related to the investment attractiveness and potential presentation of potential investments and particularly of the platform for investment programs which at the moment presents 55 investment projects. He also informed the President on the process of creating investment funds. According to S. Karayan, the Syunik free trade zone, which has been created to attract investments, will start functioning in fall of 2017.

The report of Suren Karayan included also the works carried out by the Ministry in the area of tourism. According to the report, the number of internal tourists will double by the year 2020.

The President of Armenia issued relevant instructions.

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AMD Rates
10:50 07/07 Buy Sell
AMD / USD 483.00 487.00
AMD / EUR 545.00 551.00
AMD / RUR 6.72 6.88
dollars
dollars
CBA Rates
07/07/2020
USD / AMD
485.12
+0.77%
EUR / AMD
546.92
-0.15%
RUR / AMD
6.72
-0.02%
GBP / AMD
605.43
-0.06%
Cryptocurrencies
10:50 07/07
BTC/AMD
4,500,837
+1.08%
BTC/USD
9292.53
+0.98%
ETH/USD
237.90
+2.15%
BCH/USD
237.93
+4.29%
XRP/USD
0.19
+5.56%
LTC/USD
43.64
+2.92%
ETH/BTC
0.02559898
+1.16%
BCH/BTC
0.02560304
+3.28%
XRP/BTC
0.00001994
+0.96%
LTC/BTC
0.00469641
+1.94%
CBA Metals
07/07/2020
dram / gram
Gold
27885.82
+277.84%
Silver
284.72
+4.11%
Platinum
12898.69
+316.34%
FOREX
08:57 07/07
EUR/USD
1.1305
+0.10%
GBP/USD
1.2497
+0.06%
USD/JPY
107.38
-0.20%
EUR/GBP
0.9045
+0.06%
Oil
08:57 07/07
$ / barrel
Brent
42.93
+0.30%
Light Sweet
40.48
+0.40%
COMEX
08:57 07/07
$ / tr. oz
Gold
1794.70
+0.41%
Silver
18.56
+1.37%
Platinum
839.90
+1.71%
LME / 3M
08:57 07/07
$ / tonne
Aluminium
1614.00
+0.00%
Copper
6021.00
+0.00%
Nickel
13089.00
+0.00%
Tin
16850.00
+0.00%
Lead
1770.00
+0.00%
Zinc
2030.00
+0.00%
Molybdenum
16491.00
+0.00%
Cobalt
28500.00
+0.00%
Indexes
08:57 07/07
point
Dow Jones
26287.03
+1.78%
S&P 500
3179.72
+1.59%
NASDAQ
10433.65
+2.21%
FTSE
6285.94
+2.09%
CAC 40
5081.51
+1.49%
DAX
12733.45
+1.64%
RTSI
1247.14
+0.97%
Nikkei
22614.69
-0.44%
Topix
1571.71
-0.34%
Hang Seng
25975.66
-1.38%
SSEC
3345.34
+0.37%
CBA Interest Rates
26/03/2020
Refinancing
Refinancing Rate
4.50
+0.00%
Lombard Repo
Lombard Repo Rate
6.00
+0.00%
Deposit
Deposit Rate
3.00
+0.00%
Macroeconomy
03/2020
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
585.21
+4.20%
Export 1
Export
692.5
-8.10%
Import 1
Import
1,323.4
-11.50%
CPI
Consumer price index
+0.1
Avg. Salary 2
Average salary
191,623
+9.30%
Services 3
Volume of services
585.44
+0.1%
Construction 3
Volume of construction
54.03
-21.9%
1 - mln AMD, 2 - AMD, 3 - bln AMD