MP: diversification of national economy may help Armenia withstand double-dip crisis

27.12.2011 21:42
MP: diversification of national economy may help Armenia withstand double-dip crisis

YEREVAN, December 27. /ARKA/. The Armenian government’s measures taken to diversify the national economy may help the country withstand the double-dip crisis, Gagik Minasyan, chairman of the National Assembly’s financial and budgetary committee, said Tuesday at a news conference.

He said that two conferences had been held under the auspices of the Republican Party of Armenia to promote exports.

“We expect considerable progress in 2012,” he said.

On December 15, the government approved the strategy of export-oriented industrial policy, which was presented at the Republican Party’s conference.
Minasyan said that expectations from raw materials and science-consuming industry are especially high.

Their development can build up Armenia’s industrial capacity and make the country’s economy and particularly exports more diversified and ready for possible adverse developments.

Armenia’s foreign trade turnover grew 10.2% in November 2011, compared with the same month a year earlier, to $504.5 million or AMD 192.8 billion.

The country’s exports totaled $124.1 million or AMD 47.4 billion in November after growing 22.3%, compared with November 2010, and imports totaled $380.4 million or AMD 145.4 billion after growing 6.7%.

As a result, negative balance of foreign trade amounted to $256.3 million or AMD 98 billion in November 2011.

Exports grew 9.9% in November, compared with October, as imports shrank 2.8%. -0-


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