Tweet
PanARMENIAN.Net
Armenian economy tends to stabilize
Primary economic events of the week (19.10 - 24.10).
24.10.2009 GMT+04:00
Armenia's economy showed some trends of stabilization, since GDP over
the first 7 months fall by 18.5 per cent, over the eight months - by
18.4 per cent. The biggest decline in Armenia's economy was observed
in construction industry: by 53.8 per cent. The volume of industrial
production in the country in January-September 2009 reached 459.694
billion AMD, 11.4 per cent less down compared to the same period of
2008. The decline in agriculture averaged 2.3 per cent, while in the
service industry - 1.8 per cent.
/PanARMENIAN.Net/ World Customs Organization (WCO) Secretary General
Kunio Mikuriya is carrying out a two-day visit to Armenia to get
personally familiarized with custom services' operations and current
reforms, RA State Income Committee's press service reports.
Secretary General's visit is accounted for Armenia's considerable
progress which received WCO's high assessment, Committee says in a
release.
Kunio Mikuriya met with RA State Income Committee Chair Gagik
Khachatryan. Parties discussed possibilities of introducing `Columbus'
program in Armenia.
`We intend to make Armenia a customs transformation model in entire
region and introduce its experience to other states,' WCO Secretary
General said.
World Customs Organization is presently the only international
structure dealing purely with customs issues. It currently has 174
member states which are offered to join various conventions and other
international instruments. Armenia has been a WCO member since 1992.
*
International PanArmenian Expo 2009 Exhibition will be held from
October 23 to 25 in the Sports Concert Complex after Demirchyan. As
the Chairman of the Armenian Chamber of Commerce Martin Sargsyan
informed, anyone can follow the work of the exhibition at on-line.
According to him, PanArmenian Expo 2009 is a multi-disciplinary
exhibition, production of small and medium local businesses in
construction, food and textile enterprises, services and transport are
represented here, as well as products from 15 countries are featured.
Mr. Sargsyan noted that products and companies opened in terms of
financial and economic crisis are also exhibited.
Exhibition PanArmenian Expo 2009 held third time by the Chamber of
Commerce of Armenia.
Soch is actively negotiating for intensifying collaboration with
Yerevan, Sochi Town Council Chairman Valery Podpomogov told
PanARMENIAN.Net reporter. As Valery Podpomogov reported, recently
Sochi Mayor visited Yerevan to meet his Armenian colleague. Based on
meeting results, the parties determined priority directions for
bilateral collaboration.
In this context, he added that a visit of Yerevan delegation to Sochi
is scheduled. Yerevan-Sochi collaboration agreements will be
concluded, stipulating for visa regime facilitation among other
contract terms. `Sochi has much to learn in consumer service and
construction sphere issues. We are especially interested in the
development of heavy and mineral resource industry technologies as
well as construction sphere,' Valery Podpomogov noted.
*
In a recent session, Government introduced amendments to the laws on
trademarks and geographical notes. Amendments aimed at ensuring the
legal protection of trademarks and bringing RA legislation in
compliance with European intellectual property standards.
Established procedures will rule out possibility of brand repetition
or similarity, RA Economy Minister Vahe Danielyan said. `Earlier, the
entire process was restricted by official trademark registration.
Under amended laws, Intellectual Property Agency will publish them two
month after registration.'
Changes were also made in the mechanisms determining product origins,
Minister said. `European mechanisms establish special procedures for
geographical notes, ensuring the protection of local producers.'
Prime Minister Tigran Sargsyan added in turn that the project had been
discussed with interested parties who introduced their viewpoints.
Touching on certain enterprises' problems within the frames of
legislation, premier said that international experience provided
`clear-cut answers to their questions'.
*
VTB Bank Armenia announced mortgage and automobile credit rates
decrease, as well as crediting process expedition, bank's press
service reported.
Annual real estate credit rates decreased from 19,5% to 14%,
automobile credit rates `from 18% to 12%.
Due to updated retail credit management system, automobile credit
applications processing is completed within 3 working days and
automobile credit applications -within 5 days.
*
By opening a new branch in Artashat city (Ararat region) ProCredit
Bank successfully expanded into a new region, launching a new
agricultural lending project, the bank's press service reports.
As noted by ProCredit Bank CJSC Executive Director Bertolt Hertzfeldt
the bank aims to assist in development of agriculture as an important
branch of economy. `The new services distinguish themselves in the
market by their favorable conditions for clients, such as flexible
repayment and collateral conditions.,' he said.
*
As part of its new autumn offers Araratbank provides its clients a new
approach to the term deposits, press office of the bank reports.
Urgent dram deposits will be drawn at a 11 per cent per annum rate,
and dollar deposits - by 9 per cent per annum," the report said.
In addition, for deposits, attracted for 45 to 90 days, the 7.5
percentage annual rate per is offered for dram deposits and 2.5
percentage annual rate for dollar deposits.
For the deposits attracted for 91 to 180 days, the 8.5percentage
annual rate per is offered for dram deposits and 4.5 percentage annual
rate for dollar deposits.
At the same time, 9 and 6 percentage annual rates are offered for the
dram and dollar deposits, attracted for 181 and 270 days respectively,
and 10.5 and 8 percentage annual rates are offered for the dram and
dollar deposits attracted for 271 and 365 days, 11 and 9 percentage
annual rates are proposed for dram and dollar deposits attracted for
366 and 546 days respectively.
Deposits for more than 546 days, as in drams, or in the U.S. dollars
will be engaged on a contractual basis. Contractual interest rates
will also be offered for deposits of 20 million drams or U.S. dollar
equivalent.
*
A 3-year collaboration memorandum was signed between Softline and CBA,
Softiline Director General Armen Karapetyan reported. According to
memorandum signed in May 2009, CBA will receive expert assistance in
hi-tech software implementation.
Many commercial banks in RA are still using unlicensed software, part
of them already switched to Oracle Databases.
Besides, the company offers IT audit services for banks, assisting in
the choice or software and software plan development, thus exempting
them from unnecessary expenditures.
According to the expert, usage of IGOV Oracle software both in public
and banking sectors will increase activity as well as safety
effectiveness in information gathering, maintenance and transfer.
*
Akhuryan railway station on the Armenian-Turkish border will be opened
next month, Shevket Shajdullin , Director General of "South Caucasus
Railways,' told a press conference in Yerevan.
"Following the ratification of the protocols signed in Zurich between
the foreign ministers of Armenia and Turkey, we will conduct meeting
with the Turkish side, after which conditions for the railway
communication will be clearly worked out," he said.
As Mr. Shajdullin explained they will need to create a new format of
relations, since with the CIS countries SCR works "in the so-called
CIS format".
SCR general director also added, that since Turkey has joined the
Convention on the railway transport, then Armenia, represented by SCR
will have to accede to it.
As Mr. Shajdullin stressed, the main task is not just in opening the
Akhuryan station, but rather "the main task is to enter the corridor
of Europe, the Caucasus and Asia the right way which would enable
Armenia to become part of an international logistics center. In this
direction, he said, about 70 cars will be involved and to appropriate
traffic will be ensured.
*
Turkey and Iran plan a tax-free industrial zone on the border between
the two countries, Turkish Industry Minister Nihat Ergun said,
business daily Referans reported on Tuesday.
The zone, where companies from the two countries may sell goods such
as fuel products, electricity and technology, may be established near
the eastern Turkish town of IÄ?dır, Ergun said.
Prime Minister Recep Tayyip ErdoÄ?an may pen an agreement on the new
facility during a visit to Tehran next week, Referans reported.
Armenia and Syria could also be included in the project, Referans
cited Ergun as saying.
Iran and Turkey plan to join forces to set up an industrial township
on their common border, says the Iranian ambassador to Ankara.
In a meeting with Turkish Foreign Trade Minister, Zafer Caglayan,
Iranian Ambassador, Bahman Hosseinpour, said that Iran's offers to
expand transportation cooperation and establish joint industrial
townships will help cement ties.
Iran and Turkey plan to double the annual trade volume between the two
countries from $10 billion in 2008 over a five-year period.
Caglayan also said that "a special team from the Ministry of Foreign
Trade and the Ministry of Trade and Industry" is studying the
implementation of a industrial township on the common border between
the two countries.
Caglayan also added that he will accompany Turkish Prime Minister,
Recep Tayyip Erdogan, during his upcoming visit to Tehran.
The two sides plan to sign a free-trade agreement, create a joint
economic zone and upgrade the Lake Van Northern Passage Project to an
electrified railway in a bid to boost business transactions.
Tehran and Ankara also aim to remove all limits and fees for overland
transportation.
*
By the end of 2009, ArmRosGazprom CJSC anticipates gas consumption
rate to drop by 15%, company's General Director Karen Karapetyan said.
The cash flow management system elaborated by company's financial
experts and employees will ensure implementation of all projects.
`We'll end the current year without any harm to the projects,' he
said.
However, the company will register no profit either. That's mainly
because of `the crisis and fluctuating course of Armenian Dram,' he
added.
*
Russian gas supply at $ 180 per 1000 cubic meters is an unprecedented
price, Karen Karapetyan told today journalists in Yerevan. At that he
noted that company is currently conducting negotiations, and has
reached preliminary agreement for purchasing gas at $180 per 1000
cubic meters. `Negotiations are under way, and prices may be reviewed
depending on changes in world market, but we elaborate our strategy
based on the price established,' he added.
Karapetyan finds such price the best in the region, however, believes
that `we, Armenians always demand a special attitude. That's an
unpromising and annoying conduct, since there is necessity to make
gradual transition to economic categories.' Since company's inception
(12 years), he said, Armenia had exclusive tariffs on gas, and over
that period, it should have been prepared for market prices.
Viktoriya Araratyan
Armenian economy tends to stabilize
Primary economic events of the week (19.10 - 24.10).
24.10.2009 GMT+04:00
Armenia's economy showed some trends of stabilization, since GDP over
the first 7 months fall by 18.5 per cent, over the eight months - by
18.4 per cent. The biggest decline in Armenia's economy was observed
in construction industry: by 53.8 per cent. The volume of industrial
production in the country in January-September 2009 reached 459.694
billion AMD, 11.4 per cent less down compared to the same period of
2008. The decline in agriculture averaged 2.3 per cent, while in the
service industry - 1.8 per cent.
/PanARMENIAN.Net/ World Customs Organization (WCO) Secretary General
Kunio Mikuriya is carrying out a two-day visit to Armenia to get
personally familiarized with custom services' operations and current
reforms, RA State Income Committee's press service reports.
Secretary General's visit is accounted for Armenia's considerable
progress which received WCO's high assessment, Committee says in a
release.
Kunio Mikuriya met with RA State Income Committee Chair Gagik
Khachatryan. Parties discussed possibilities of introducing `Columbus'
program in Armenia.
`We intend to make Armenia a customs transformation model in entire
region and introduce its experience to other states,' WCO Secretary
General said.
World Customs Organization is presently the only international
structure dealing purely with customs issues. It currently has 174
member states which are offered to join various conventions and other
international instruments. Armenia has been a WCO member since 1992.
*
International PanArmenian Expo 2009 Exhibition will be held from
October 23 to 25 in the Sports Concert Complex after Demirchyan. As
the Chairman of the Armenian Chamber of Commerce Martin Sargsyan
informed, anyone can follow the work of the exhibition at on-line.
According to him, PanArmenian Expo 2009 is a multi-disciplinary
exhibition, production of small and medium local businesses in
construction, food and textile enterprises, services and transport are
represented here, as well as products from 15 countries are featured.
Mr. Sargsyan noted that products and companies opened in terms of
financial and economic crisis are also exhibited.
Exhibition PanArmenian Expo 2009 held third time by the Chamber of
Commerce of Armenia.
Soch is actively negotiating for intensifying collaboration with
Yerevan, Sochi Town Council Chairman Valery Podpomogov told
PanARMENIAN.Net reporter. As Valery Podpomogov reported, recently
Sochi Mayor visited Yerevan to meet his Armenian colleague. Based on
meeting results, the parties determined priority directions for
bilateral collaboration.
In this context, he added that a visit of Yerevan delegation to Sochi
is scheduled. Yerevan-Sochi collaboration agreements will be
concluded, stipulating for visa regime facilitation among other
contract terms. `Sochi has much to learn in consumer service and
construction sphere issues. We are especially interested in the
development of heavy and mineral resource industry technologies as
well as construction sphere,' Valery Podpomogov noted.
*
In a recent session, Government introduced amendments to the laws on
trademarks and geographical notes. Amendments aimed at ensuring the
legal protection of trademarks and bringing RA legislation in
compliance with European intellectual property standards.
Established procedures will rule out possibility of brand repetition
or similarity, RA Economy Minister Vahe Danielyan said. `Earlier, the
entire process was restricted by official trademark registration.
Under amended laws, Intellectual Property Agency will publish them two
month after registration.'
Changes were also made in the mechanisms determining product origins,
Minister said. `European mechanisms establish special procedures for
geographical notes, ensuring the protection of local producers.'
Prime Minister Tigran Sargsyan added in turn that the project had been
discussed with interested parties who introduced their viewpoints.
Touching on certain enterprises' problems within the frames of
legislation, premier said that international experience provided
`clear-cut answers to their questions'.
*
VTB Bank Armenia announced mortgage and automobile credit rates
decrease, as well as crediting process expedition, bank's press
service reported.
Annual real estate credit rates decreased from 19,5% to 14%,
automobile credit rates `from 18% to 12%.
Due to updated retail credit management system, automobile credit
applications processing is completed within 3 working days and
automobile credit applications -within 5 days.
*
By opening a new branch in Artashat city (Ararat region) ProCredit
Bank successfully expanded into a new region, launching a new
agricultural lending project, the bank's press service reports.
As noted by ProCredit Bank CJSC Executive Director Bertolt Hertzfeldt
the bank aims to assist in development of agriculture as an important
branch of economy. `The new services distinguish themselves in the
market by their favorable conditions for clients, such as flexible
repayment and collateral conditions.,' he said.
*
As part of its new autumn offers Araratbank provides its clients a new
approach to the term deposits, press office of the bank reports.
Urgent dram deposits will be drawn at a 11 per cent per annum rate,
and dollar deposits - by 9 per cent per annum," the report said.
In addition, for deposits, attracted for 45 to 90 days, the 7.5
percentage annual rate per is offered for dram deposits and 2.5
percentage annual rate for dollar deposits.
For the deposits attracted for 91 to 180 days, the 8.5percentage
annual rate per is offered for dram deposits and 4.5 percentage annual
rate for dollar deposits.
At the same time, 9 and 6 percentage annual rates are offered for the
dram and dollar deposits, attracted for 181 and 270 days respectively,
and 10.5 and 8 percentage annual rates are offered for the dram and
dollar deposits attracted for 271 and 365 days, 11 and 9 percentage
annual rates are proposed for dram and dollar deposits attracted for
366 and 546 days respectively.
Deposits for more than 546 days, as in drams, or in the U.S. dollars
will be engaged on a contractual basis. Contractual interest rates
will also be offered for deposits of 20 million drams or U.S. dollar
equivalent.
*
A 3-year collaboration memorandum was signed between Softline and CBA,
Softiline Director General Armen Karapetyan reported. According to
memorandum signed in May 2009, CBA will receive expert assistance in
hi-tech software implementation.
Many commercial banks in RA are still using unlicensed software, part
of them already switched to Oracle Databases.
Besides, the company offers IT audit services for banks, assisting in
the choice or software and software plan development, thus exempting
them from unnecessary expenditures.
According to the expert, usage of IGOV Oracle software both in public
and banking sectors will increase activity as well as safety
effectiveness in information gathering, maintenance and transfer.
*
Akhuryan railway station on the Armenian-Turkish border will be opened
next month, Shevket Shajdullin , Director General of "South Caucasus
Railways,' told a press conference in Yerevan.
"Following the ratification of the protocols signed in Zurich between
the foreign ministers of Armenia and Turkey, we will conduct meeting
with the Turkish side, after which conditions for the railway
communication will be clearly worked out," he said.
As Mr. Shajdullin explained they will need to create a new format of
relations, since with the CIS countries SCR works "in the so-called
CIS format".
SCR general director also added, that since Turkey has joined the
Convention on the railway transport, then Armenia, represented by SCR
will have to accede to it.
As Mr. Shajdullin stressed, the main task is not just in opening the
Akhuryan station, but rather "the main task is to enter the corridor
of Europe, the Caucasus and Asia the right way which would enable
Armenia to become part of an international logistics center. In this
direction, he said, about 70 cars will be involved and to appropriate
traffic will be ensured.
*
Turkey and Iran plan a tax-free industrial zone on the border between
the two countries, Turkish Industry Minister Nihat Ergun said,
business daily Referans reported on Tuesday.
The zone, where companies from the two countries may sell goods such
as fuel products, electricity and technology, may be established near
the eastern Turkish town of IÄ?dır, Ergun said.
Prime Minister Recep Tayyip ErdoÄ?an may pen an agreement on the new
facility during a visit to Tehran next week, Referans reported.
Armenia and Syria could also be included in the project, Referans
cited Ergun as saying.
Iran and Turkey plan to join forces to set up an industrial township
on their common border, says the Iranian ambassador to Ankara.
In a meeting with Turkish Foreign Trade Minister, Zafer Caglayan,
Iranian Ambassador, Bahman Hosseinpour, said that Iran's offers to
expand transportation cooperation and establish joint industrial
townships will help cement ties.
Iran and Turkey plan to double the annual trade volume between the two
countries from $10 billion in 2008 over a five-year period.
Caglayan also said that "a special team from the Ministry of Foreign
Trade and the Ministry of Trade and Industry" is studying the
implementation of a industrial township on the common border between
the two countries.
Caglayan also added that he will accompany Turkish Prime Minister,
Recep Tayyip Erdogan, during his upcoming visit to Tehran.
The two sides plan to sign a free-trade agreement, create a joint
economic zone and upgrade the Lake Van Northern Passage Project to an
electrified railway in a bid to boost business transactions.
Tehran and Ankara also aim to remove all limits and fees for overland
transportation.
*
By the end of 2009, ArmRosGazprom CJSC anticipates gas consumption
rate to drop by 15%, company's General Director Karen Karapetyan said.
The cash flow management system elaborated by company's financial
experts and employees will ensure implementation of all projects.
`We'll end the current year without any harm to the projects,' he
said.
However, the company will register no profit either. That's mainly
because of `the crisis and fluctuating course of Armenian Dram,' he
added.
*
Russian gas supply at $ 180 per 1000 cubic meters is an unprecedented
price, Karen Karapetyan told today journalists in Yerevan. At that he
noted that company is currently conducting negotiations, and has
reached preliminary agreement for purchasing gas at $180 per 1000
cubic meters. `Negotiations are under way, and prices may be reviewed
depending on changes in world market, but we elaborate our strategy
based on the price established,' he added.
Karapetyan finds such price the best in the region, however, believes
that `we, Armenians always demand a special attitude. That's an
unpromising and annoying conduct, since there is necessity to make
gradual transition to economic categories.' Since company's inception
(12 years), he said, Armenia had exclusive tariffs on gas, and over
that period, it should have been prepared for market prices.
Viktoriya Araratyan