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WORKING GROUP LOOKS INTO POSSIBLE WIDENING INDUSTRY'S ACCESS TO FINANCIAL SERVICES
YEREVAN, January 24. /ARKA/. A working group set up under premier's
decree is currently studying the possibility of wider access to
financial services for industry, Armenian prime-minister Tigran
Sargsyan said at his meeting with industry representatives Wednesday.
According to entrepreneurs, bank financing terms are one of the main
problems, the government press service reports.
The working group involves reps of the country's ministry of finance
and economy, as well as experts from the Central Bank of Armenia. The
group is expected to submit a program of complex measures for
widening businesses' access to financial services within a month,
the prime-minister said.
"First of all we speak about interest rates, subject of pledge and
bureaucratic delays", Sargsyan said. The World Bank analysis of
Armenia's business environment pointed to three critical obstacles -
corruption, bureaucracy problems and accessibility of financing.
"In other words, accessibility of funds became a more serious problem
for business that tax and customs administering," the prime-minister
concluded.
"We're trying to study and understand what can be done to solve
the existing problems and lower interest rates", Sargsyan said. The
government is ready to use all its instruments for the final aim of
promoting production, increasing output and exports, he added.
The prime-minister reminded of 2009 when the government was discussing
certain business projects to help overcome the crisis aftermath. At
that time loans had been provided to businesses. Apart from that,
the government had suggested to a number importers switching over
to exports.
"Quite many importers, in particular those importing alcoholic
drinks and juices, responded to the suggestion and started creating
new production facilities in Armenia and exporting products", the
prime-minister said.
Sargsyan mentioned that the ministry of economy is instructed to
carry out a detailed analysis of the goods that Armenia is able to
produce on its own.
"Last year direct foreign investments in our economy dropped
significantly, and we provided economic growth at the expense of our
own resources. We will be focusing on this in 2013 as well, and we
will be trying to help you", Sargsyan said.
Sargsyan stressed that priority will be given to competent managers
able to expand their businesses.
Entrepreneurs, in their turn, should discuss all the existing
opportunities in their teams so that "the state support is useful
and targeted", he said.
2013 will be a year of intensive work for ensuring a 6.2% economic
growth, he said. -0-
YEREVAN, January 24. /ARKA/. A working group set up under premier's
decree is currently studying the possibility of wider access to
financial services for industry, Armenian prime-minister Tigran
Sargsyan said at his meeting with industry representatives Wednesday.
According to entrepreneurs, bank financing terms are one of the main
problems, the government press service reports.
The working group involves reps of the country's ministry of finance
and economy, as well as experts from the Central Bank of Armenia. The
group is expected to submit a program of complex measures for
widening businesses' access to financial services within a month,
the prime-minister said.
"First of all we speak about interest rates, subject of pledge and
bureaucratic delays", Sargsyan said. The World Bank analysis of
Armenia's business environment pointed to three critical obstacles -
corruption, bureaucracy problems and accessibility of financing.
"In other words, accessibility of funds became a more serious problem
for business that tax and customs administering," the prime-minister
concluded.
"We're trying to study and understand what can be done to solve
the existing problems and lower interest rates", Sargsyan said. The
government is ready to use all its instruments for the final aim of
promoting production, increasing output and exports, he added.
The prime-minister reminded of 2009 when the government was discussing
certain business projects to help overcome the crisis aftermath. At
that time loans had been provided to businesses. Apart from that,
the government had suggested to a number importers switching over
to exports.
"Quite many importers, in particular those importing alcoholic
drinks and juices, responded to the suggestion and started creating
new production facilities in Armenia and exporting products", the
prime-minister said.
Sargsyan mentioned that the ministry of economy is instructed to
carry out a detailed analysis of the goods that Armenia is able to
produce on its own.
"Last year direct foreign investments in our economy dropped
significantly, and we provided economic growth at the expense of our
own resources. We will be focusing on this in 2013 as well, and we
will be trying to help you", Sargsyan said.
Sargsyan stressed that priority will be given to competent managers
able to expand their businesses.
Entrepreneurs, in their turn, should discuss all the existing
opportunities in their teams so that "the state support is useful
and targeted", he said.
2013 will be a year of intensive work for ensuring a 6.2% economic
growth, he said. -0-