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ARMENIAN OPPOSITION PARTY SPEAKS IN FAVOR OF NATIONALIZING MINING AND METALLURGICAL COMPANIES
/ARKA/
May 10, 2011
YEREVAN
YEREVAN, May 10, /ARKA/. A senior member of the opposition Armenian
Revolutionary Federation (ARF) party spoke today in favor of
nationalizing the country's lucrative mining and metallurgical
companies, saying the government must set up a large state-owned
company to run the sector and work also out a strategy how to
develop it.
Speaking at the National Assembly (parliament) Vahan Hovhanesian,
ARF secretary, said the government has failed to remedy Armenia's tax
legislation regulating the work of mining companies. According to him,
because of this the government loses billions of drams in revenues
which it needs badly to finance social programs.
He said being the most lucrative sector of Armenian economy mining
and metallurgical companies enjoy a set of privileges concerning,
particularly, export of precious metals depriving the government of
additional revenues.
Vahan Hovhanesian said Armenia's mining and metallurgical companies,
the largest export-oriented sector of the national economy, export
mainly concentrates and the acting legislation ignores the percentage
of precious metals in them.
'The current situation in this sector does not encourage owners to
introduce new technology and make investments because they already
make super profits,' he said. In his opinion, only nationalization
of the sector could help improve this situation.
The latest official figures show that mining and metallurgical
companies appear to have ended 2010 with significant production gains
resulting from a rally in global prices of copper and other base
metals. The output was said to have grown by 24.3% from 2009 to 145.5
billion drams. In 2011 March the companies reported a 2.3% production
rise from a year earlier to 13.3 billion drams ($1 - 372.46 drams).
From: A. Papazian
/ARKA/
May 10, 2011
YEREVAN
YEREVAN, May 10, /ARKA/. A senior member of the opposition Armenian
Revolutionary Federation (ARF) party spoke today in favor of
nationalizing the country's lucrative mining and metallurgical
companies, saying the government must set up a large state-owned
company to run the sector and work also out a strategy how to
develop it.
Speaking at the National Assembly (parliament) Vahan Hovhanesian,
ARF secretary, said the government has failed to remedy Armenia's tax
legislation regulating the work of mining companies. According to him,
because of this the government loses billions of drams in revenues
which it needs badly to finance social programs.
He said being the most lucrative sector of Armenian economy mining
and metallurgical companies enjoy a set of privileges concerning,
particularly, export of precious metals depriving the government of
additional revenues.
Vahan Hovhanesian said Armenia's mining and metallurgical companies,
the largest export-oriented sector of the national economy, export
mainly concentrates and the acting legislation ignores the percentage
of precious metals in them.
'The current situation in this sector does not encourage owners to
introduce new technology and make investments because they already
make super profits,' he said. In his opinion, only nationalization
of the sector could help improve this situation.
The latest official figures show that mining and metallurgical
companies appear to have ended 2010 with significant production gains
resulting from a rally in global prices of copper and other base
metals. The output was said to have grown by 24.3% from 2009 to 145.5
billion drams. In 2011 March the companies reported a 2.3% production
rise from a year earlier to 13.3 billion drams ($1 - 372.46 drams).
From: A. Papazian