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ARMENIA INTENDS TO INCREASE WATCH EXPORTS 1.5 TIMES BY 2015
by Arthur Yernjakyan
ARMINFO
Tuesday, September 3, 15:56
By 2015 Armenia is going to increase the watch exports 1.5 times to
$12 mln as compared with 2011 when the watch output totaled $8 mln,
Armen Yeganyan, Head of the Industrial Policy Department of the
Armenian Economy Ministry, told ArmInfo.
He said that such indices are fixed in the recently approved strategy
of watchmaking development. 5 Armenian companies are engaged
in watchmaking and they employ a total of 113 people. 85% of the
watches are exported to the United States. Exports to Uzbekistan and
Turkmenistan make up 7% and 5%, respectively.
The major watchmakers in Armenia are the Yerevan Jewellery Plant-1
"Gnomon" OJSC, AWI, IGOR, and the Armenian branch of Frank Muller. It
is noteworthy that some manufacturers use Swiss mechanisms and
components.
Yeganyan pointed out that in watchmaking Armenia has comparative
advantages and competes in prices and development potential. For
instance, the average wages in the watchmaking field are $1.4 per
hour in Armenia, $3.5 in China and $5.1 in Malaysia.
by Arthur Yernjakyan
ARMINFO
Tuesday, September 3, 15:56
By 2015 Armenia is going to increase the watch exports 1.5 times to
$12 mln as compared with 2011 when the watch output totaled $8 mln,
Armen Yeganyan, Head of the Industrial Policy Department of the
Armenian Economy Ministry, told ArmInfo.
He said that such indices are fixed in the recently approved strategy
of watchmaking development. 5 Armenian companies are engaged
in watchmaking and they employ a total of 113 people. 85% of the
watches are exported to the United States. Exports to Uzbekistan and
Turkmenistan make up 7% and 5%, respectively.
The major watchmakers in Armenia are the Yerevan Jewellery Plant-1
"Gnomon" OJSC, AWI, IGOR, and the Armenian branch of Frank Muller. It
is noteworthy that some manufacturers use Swiss mechanisms and
components.
Yeganyan pointed out that in watchmaking Armenia has comparative
advantages and competes in prices and development potential. For
instance, the average wages in the watchmaking field are $1.4 per
hour in Armenia, $3.5 in China and $5.1 in Malaysia.