Prime Minister Nikol Pashinyan visited the Federation of Egyptian Chambers of Commerce, where he held a meeting with local businessmen.
The President of the Federation, Ahmad el-Wakil welcomed the visit of the Armenian Prime Minister and emphasized the importance of developing and expanding trade and economic relations between the two countries. He emphasized that the Egyptian side is interested in discussing the possibilities of implementing investment programs and deepening cooperation.
Deputy Minister of Economy of Armenia Rafayel Gevorgyan and Director General of the Investment Support Center Levon Ohanesyan referred to the rate of economic development of Armenia, the progress recorded in various fields in recent years, the steps and reforms towards the implementation of investments and improvement of the business environment in our country.
The Minister of Trade and Industry of Egypt, Ahmed Samir, also made a speech and emphasized the importance of realizing the great potential of the development of economic cooperation between Armenia and Egypt.
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In his speech, Prime Minister Nikol Pashinyan noted that the number one economic characteristic of Armenia is high economic growth. “Both in 2019, 2022, and 2023, we are among the top ten countries in the world in terms of economic growth. And this despite, unfortunately, the instability and challenges in our region and globally in general. My assessment is that economic growth is ensured thank to the following approach and slogan of the Government, when addressing the people, we give them the following message: “get rich and make rich”.
According to the Prime Minister, over the past 6 years, the tax revenues of the state budget of Armenia have increased by about 92 percent, that is, it has almost doubled. Nikol Pashinyan expressed hope that the tax revenues of the state budget will more than double with the results of this year.
“The state capital programs and the public investment sector in general may be an area of interest for investors. The government of Armenia is now making approximately $1 billion of capital investments in various sectors, which is a very large and high figure for Armenia, which has more than doubled over the past six years.
We also have programs through which we will support potential investors, including those participating in the purchase. We have an economic modernization program where, for example, construction companies can purchase high-quality construction equipment, vehicles and production equipment with government subsidies.
Armenia has great tourist potential, including for tourists from the Middle East. The first is winter tourism, which is very interesting for the countries of the Middle East. In our country, there are now several big investment projects for skiing and winter resorts. And that sector has targeted, made a goal to attract tourists from the eastern market to the Republic of Armenia.
There is also great potential in the field of winemaking, we have great potential in the field of production and export of alcoholic beverages in general.
Next is the direction of construction in the private sector, which has been one of the sectors providing high growth in our economy in recent years. As of today, 55,000 apartments are under construction in the Republic of Armenia. Real estate investments can be an interesting direction, including linking it to tourism.
The next direction is the technology sector. There is quite a lot of activity in the field of information technologies in Armenia and it is one of the main branches of the economy.
I cannot fail to mention the next most important branch of our economy, which shows impressive development in recent years. I am talking about the financial sector. The banking system in the Republic of Armenia shows significant growth and it has shown its reliability during both the coronavirus and 2020 war.
Of course, we want to ensure that the businessmen face no obstacles while doing business, and consistent reforms are aimed at this,” the Prime Minister noted.
According to Nikol Pashinyan, while building the “Academic City”, the Government will also provide an opportunity to the private sector to invest. “The construction of a new national stadium is also planned in that area. In order to make long-term investments in the agricultural sector, we plan to build 15 medium-sized reservoirs.
Making large investments is our policy in the field of education and science, and our goal is to make the Republic of Armenia a country with a high-tech economy and production, the main motto of which is knowledge, knowledge-based economy, knowledge-based management. And this knowledge-based management should create a field where investors can invest with confidence, where investors can be sure that through their legal and fair work they can get rich and enrich the Republic of Armenia,” said Prime Minister Pashinyan.
