YEREVAN, March 28. /ARKA/.  Business progress is impossible in Armenia without joint-stock companies, but there are obstacles to their emergence, says Director and founder of Zaqaryan Construction and Hez&Nez companies Edgar Zaqaryan in Arka Business program on ARKA news agency's Youtube channel.

"There will be no business development without the development of joint-stock companies. The experience of Canada, the USA and European countries has already shown that. However, there is a problem in Armenia: the stock exchange is underdeveloped and there are certain legislative problems," he said.

Zaqaryan believes that an environment must be created,  that will be conducive to emergence  of open joint stock companies so that any person is able to contribute to a company by buying shares at a stock exchange.

According to him, this will enable companies to get additional financial means for realization of ideas and programs.

"As at present there is no effective legislative framework for stock exchanges and joint-stock companies. It is especially obvious how important networking is. If there is no fruitful ground for work and prosperity, networking creates that ground. People start creating joint stock companies by trusting and knowing each other," he said.

He emphasized that the creation of joint-stock companies can further lead to legislative regulation. "When there comes a point at which our old business thinking of 'no one should have a stake in my company but me' is finally destroyed and businesses are created on a partnership and shareholder basis with the Board of Directors and other levels of management, it will lead to companies coming to agreements with the authorities to simplify and clarify laws and the business environment," he said. --0--