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Armenia's Economic Pulse

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  • Re: Armenia's Economic Pulse

    Government prepares memos for importers

    Government prepares memos for importers
    YEREVAN, May 26. /ARKA/. Armenia’s economy minister Artsvik Minasyan said today the government will release special memos designed for importers as a follow–up to prime minister’s order. According to Minasyam, the memos that will be available in electronic format will contain information compiled specifically for importers.

    According to him, memos provide information on how to organize imports form third countries with which Armenia has no free trade agreement, from countries with which such agreements exist, as well as from members of the Eurasian Economic Union.

    "For the first stage we have identified 10 key items of goods which are always in demand - oil, flour, wheat, sugar, sunflower oil, chicken, oranges, bananas, gasoline and diesel fuel. Special memos are developed for these goods and sent to the State Revenue Committee and State Food Safety service for adjustment and reconciliation and will be published before the end of the week,’ Minasyan said.

    He said in the future the ministry will expand the list to include more items. The minister noted also that all other documents that will be requested from importers outside this list will be considered illegal.

    He also said information about shareholders of Armenian companies should be open. "Today a lot of information about Armenian companies remains closed, including information about shareholders and their equity participation,' said Minasyan.

    According to him, a proposal has been developed to make joint-stock companies register open to public. "Such information may not be a secret, it's not deposit accounts, therefore, it should be available", said Minasyan. -- 0--


    • Re: Armenia's Economic Pulse

      Originally posted by armnuke View Post
      key items of goods which are always in demand - oil, flour, wheat, sugar, sunflower oil, chicken, oranges, bananas, gasoline and diesel fuel.
      Here is your oil ... Which member was complaining that wanted to import oil?
      Ban sugar all together we don't need it.
      Chicken? People talking of unemployment ... start your chicken farms.


      • Re: Armenia's Economic Pulse

        Originally posted by Azad View Post
        Here is your oil ... Which member was complaining that wanted to import oil?
        Ban sugar all together we don't need it.
        Chicken? People talking of unemployment ... start your chicken farms.
        The guy from Beirut was complaining. I think his name is BigDikran.


        • Re: Armenia's Economic Pulse

          Armenia PM doesn’t rule out dismissals

          Armenian PM Hovik Abrahamyan doesn’t exclude that there will be dismissals if the relevant agencies don’t carry out the assignments of reducing their expenditures.

          “We have carried out economic reforms all this time. But if the people don’t believe this, we must do our job so that they can believe,” Armenian PM Hovik Abrahamyan, who is taking part in the festivities dedicated to the 98th anniversary of the Armenian First Republic Day in Sardarapat, told journalists Saturday.

          To the observation that there might be dismissals if the state agencies fail to carry out the assignments of the PM on optimization, Abrahamyan noted: “If they fail to carry them out, I will agree with your proposal.”

          On May 19, PM Abrahamyan made an announcement, in which he spoke about the need to fight against corruption and optimize the work of state bodies.


          • Re: Armenia's Economic Pulse

            Iran to export more jet fuel to Armenia

            Iran has received more demands from Armenia, Tajikistan and Afghanistan for the supply of jet fuel, and Iranian official said.

            “Iran exported jet fuel to Afghanistan, Armenia and Iraqi Kurdistan last year and this year Tajikistan has also been added to the list of buyers,” Director of Exports and Imports of the National Iranian Oil Products Distribution Company (NIOPDC) Esmayeel Hesham Firouz said on Friday.

            He pointed to a five-fold increase in jet fuel exports in 2015 compared to the previous year, Fars agency reported.

            Iran exported a sum of 7,500 tons of jet fuel to Afghanistan and Armenia during March 21, 2015-October 22, 2015 period, Managing Director of the National Iranian Oil Products Distribution Company (NIOPDC) Nasser Sajjadi said.



            • Re: Armenia's Economic Pulse

              Armenia’s IT sector reports 17% growth in 2015

              YEREVAN, May 30. /ARKA/. Armenia’s bourgeoning IT sector saw a 17%
              growth in 2015 and a combined output soaring to about $550 million,
              according to economy minister Artsvik Minasyan.
              Speaking at the parliament today he said a last year survey revealed
              around 400 active IT companies with about 15,000 employees on their

              He said due to a string of tax breaks designed to boost the IT sector,
              79 startups were founded last year with 329 new jobs.

              A government bill approved by the National Assembly last year, exempts
              IT startup companies from profit tax until the end of 2019. Besides,
              the government lowered income tax rate for their employees to 10
              percent of their gross wages as opposed to the minimum payroll tax
              rate of 24.4%.

              According to official data, the export-oriented sector has been
              expanding by more than 20 percent annually from 2008, driven largely
              by the subsidiaries of U.S. hi-tech firms such as Synopsys, National
              Instruments, Mentor Graphics and VMware, as well as Oracle, D-Link
              Corporation and others. -0-

              General Antranik (1865-1927): I am not a nationalist. I recognize only one nation, the nation of the oppressed.


              • Re: Armenia's Economic Pulse

                Ministry: Armenia needs review of new constitutional regulations in economic competition

                YEREVAN. – Armenia needs effective mechanisms to decouple public authority from business.

                Minister of Economy Artsvik Minasyan noted the above-said at Tuesday’s roundtable discussion on economic competition, and while presenting the results of a respective research.

                In his words, this domain was considered very important yet very susceptible.

                “Often, the meaning and objective of the fight is finding effective solutions regarding the policy being conducted in the domain,” stressed Minasyan.

                As per the minister, people frequently speak about artificial predominance, or even monopolies, in markets.

                “We [i.e. Armenia] need a review within the framework of new constitutional regulations in this domain,” he said. “And the latest manifestation of [respective] will is the PM’s instruction to take certain steps in this direction.

                “In the given context, I appeal to our international partners for active cooperation in this direction, so that improving legislation and changing the [relevant] legal practice serve their purpose.”



                • Re: Armenia's Economic Pulse

                  Armenia registers 4,4% economic growth in Q1

                  PanARMENIAN.Net - According to the National Statistical Service, Armenia registered a 4,4% economic growth in Q1 of 2016. The GDP volume amounted to AMD 898.2 billion against the AMD 881.2 billion in the same period last year.
                  The volume of industrial production in January-April totaled around AMD 421 billion, up by 10% against the same period in 2015.
                  Foreign trade turnover amounted to about $1.46 billion in the first four months of 2016, growing by 4,2% against the same period last year.
                  Moreover, exports grew by 22,2% to $514 million, and imports dropped by 3,5% to total $943 million.
                  The volume of electricity production increased by 3,2% to amount to 2,566 billion kWh.



                  • Re: Armenia's Economic Pulse

                    An employee from the State Revenue Committee has no right to analyze and forecast business competition.
                    Looks like this Alaverdyan guy is on Lfik's payroll.

                    No one able to compete with Alex Grig in sugar imports

                    YEREVAN, May 31. /ARKA/. Speaking to reporters on Monday the deputy head of Armenia’s State Revenue Committee Armen Alaverdyan argued that there are no restrictions on the import of certain foods, including sugar.

                    “Any person may import any products and as much as they want,’ he said.

                    "The fact is that an importer must be competitive, no matter what they import- sugar, oil or other goods. They should be able to sell the imported products, to assess all the risks, including their potential income,' said Alaverdyan.

                    According to Alaverdyan, Alex Grig company, the monopolist in the local sugar market, enjoys significant competitive advantages, such as large deliveries, own distribution network and sales points, which makes this market unprofitable for other importers.

                    Alex Grig is owned by a businessman MP Samvel Alexanyan, one of the country’s wealthiest entrepreneurs who holds sway in Yerevan’s blue-collar Malatia-Sebastia district. Alexanyan controls lucrative imports of sugar and other foodstuffs.

                    According to Armen Alaverdyan, there are 18 more companies importing sugar to Armenia.

                    "Only a serious financial group is able to compete with Alex Grig and I do not see a company that will be able to do so in the next 12 months at least,’ Alaverdyan said. -0-



                    • Re: Armenia's Economic Pulse

                      Armenian brandy production surges by 50 percent in four months

                      Armenian brandy production surges by 50 percent in four months
                      YEREVAN, May 31. / ARKA /. Brandy production in Armenia surged by 49.3% year-on-year in the first four months of 2016 to over 5 million liters, according to the latest numbers, released today by the National Statistical Service (NSS).

                      NSS said also wine production in the same time span increased by 13.4% to over 2 million liters as vodka production fell by 11.5% to about 2.9 million liters and whiskey production increased 3-fold to 555,000 liters.

                      Production of champagne during the reporting period increased by 36.9% to 116,500 liters, while beer production fell by 7.6% to over 4 million liters. Production of soft drinks dropped by 10% to over 17 million liters. -0-