BUSINESS & ECONOMY
According to the Agreement on the Eurasian Economic Union signed on May 29, 2014, Armenia shall be provided a transition period till 2022 to pass to the EAEU system of common customs tariffs (CCT). During that period the customs tariffs for the most important 770 commodity groups shall be adjusted to the CCT system.
Increase in food price greatly affects inflation in Armenia than in other countries of region – CBA President
The share of food in the consumer basket in Armenia is 41%, in Georgia 30%, Russia – 31% and Turkey 22%. Based on this the increase in prices of food greatly affects the overall figure of inflation in Armenia than in other countries of the region, President of the Central Bank Artur Javadyan said during the parliamentary hearings on the possibilities to mitigate price increase.
In order to carry out an effective social policy in Armenia it’s necessary to ensure a sustainable economic growth, for which an important precondition is to attract private investments, Finance minister Vardan Aramyan told reporters.
What have these investments brought to Amulsar adjacent communities? We have talked about this and other issues with Nara Ghazaryan, Social Sustainability Manager at Lydian Armenia.
We’ve facts when bids are won by suspicious structures – PM tasks introduction of pre- qualification for road construction sector
During today’s Cabinet meeting, PM Karen Karapetyan issued a task regarding introducing an institution of pre-qualification in the sector of road construction and reconstruction.
All five EEU member countries have completed ratifying the Customs Code.
Armenian Prime Minister Karen Karapetyan highlights toughening the control in prevailing commodity markets ahead of the New Year.
The results of the “Organic Agricultural Development” 2017-2018 program jointly implemented by ACBA-CREDIT AGRICOLE BANK and Nature and Biodiversity Conservation Union in Germany (NABU) have been summarized.
Trade turnover volumes between Armenia and Iran grew in the 10 months of the current year.
The Government of Armenia has approved the bill on amending the law on the country’s budget system and the law on state debt.
The difference in the quality of constructed roads and infrastructures is already visible for anyone who has ever seen a major construction and has anything to compare with. You can see the engineering solutions adopted from the best mining practice and advocated by us as a new approach in environmental management.
Yerevan and Moscow are developing the roadmap for implementation of programs within the frames of a joint investment fund: the resources can also be directed for financing the programs in IT and energy field, President of Armenia Serzh Sargsyan said in an interview to RIA Novosti.
Cuts in governmental positions are planned in the state administration system, first deputy minister of finance Atom Janjughazyan said during parliamentary debates of the 2018 state budget draft.
The rules of gameplay must be equal for all businessmen, finance minister Vardan Aramyan said during parliamentary debates of the 2018 state budget draft.
It is expected to ensure 1 trillion 307 billion AMD revenue under the 2018 state budget draft of Armenia, first deputy finance minister Atom Janjughazyan said during the discussion of the 2018 state budget draft in the Parliament.
Armenia’s 2018 state budget draft aims at reaching a stable and long-term goal, finance minister Vardan Aramyan said during the discussion of the budget draft at the joint session of parliamentary standing committees.
Under the 2018 state budget draft the Armenian government planned a fiscal policy that will determine a sustainable economic growth for upcoming years, Prime Minister Karen Karapetyan said during the discussion of the 2018 state budget draft at the joint session of parliamentary standing committees.
President of Armenia Serzh Sargsyan on October 25 received the members of the Eurasian Inter-governmental Council – Armenian Prime Minister Karen Karapetyan, Russian PM Dmitry Medvedev, Kyrgyz PM Sapar Isakov, PM of Belarus Andrei Kobyakov and Kazakhstan’s PM Bakytzhan Sagintayev, who are in Yerevan to take part in the Eurasian Inter-governmental Council’s session, press service of the President’s Office reported.
Prime Minister of Armenia Karen Karapetyan on October 25 will participate in the session of the Eurasian Inter-governmental Council in Yerevan.
During today’s Cabinet meeting, the Armenian government approved the bill on de-commissioning the first power unit of the nuclear power plant.
During today’s Cabinet meeting, the Armenian Prime Minister issued an instruction on exempting electric cars from taxes, duties and property taxes.
During the same period, 4.1 billion kWh electric-energy was consumed in the domestic market – an increase of 7,2%.
The cut has been recorded as result of raising the efficiency of tax administration. Unfulfilled tax liabilities amounted to 122,750,0 million drams as of September 1 – a decrease of 7,459,1 million drams.
He said taking into account the analysis made and the ongoing developments, it is expected that the country will have 4.3% real economic growth by the end of the year.
“I don’t want in this case to use the word suspend since we have already signed agreements which suppose over 1.7 billion USD investment in our economy during the upcoming 7-8 years. In addition to this, in order to be able to effectively increase that 1.7 billion USD volume, we should have a conservative behavior”, the finance minister said
He added that by the end of 2016, Armenia’s overall foreign debt, including the CBA’s debt, comprised 56.6% in the GDP. By the end of this year this figure will approach to over 58.8%.
During the government session on September 22, Prime Minister Karen Karapetyan said during the recent Armenia-Diaspora conference in Yerevan, complex information on Armenia’s economic potential, investment programs and the recorded economic growth was presented, and in this sense the government has a task to make this more available.
The state revenue committee said the current system is being automated starting June of 2017. The process of license provision for imports of radio-electronic and (or) high-frequency devices for civilian use will be automated – it will substitute the earlier process whereby hardcopy documents had to be applied and presented.
During today’s Cabinet meeting, the Armenian government approved the subsidizing program for interest rates of loans for the agricultural sector.
He added that the path taken by the government at the moment is sufficient to some extent. At the same time he stated that they are dissatisfied with the implementation process of several programs and would like to have better results.
SME Investments provided 2,3 billion drams in loans in privileged conditions to 63 businesses in the reporting period.
Stressing that next year will mark the 25th anniversary of establishing diplomatic ties with the Czech Republic and Slovakia, President Serzh Sargsyan attached importance that this anniversary be celebrated with true achievements.
At a conference hosted by the American Chamber of Commerce, in cooperation with the U.S. Embassy in Yerevan, U.S. trade representatives discussed export opportunities with the Armenian business community. This is the second conference in Armenia focused on GSP, building on a 2016 discussion on the subject facilitated by GSP Director Aimee Larsen.
The Central Bank is seeking to solve the transparency issues of mortgage loaning in Armenia and clarify conditions and rules, which will enable consumers to protect their rights.
Over the past year 4-5% decrease in interest rates of all loans has been registered in Armenia, Vice President of the Central Bank of Armenia (CBA) Nerses Yeritsyan said in the parliament in response to the question of Tsarukyan bloc MP Mikayel Melkumyan.
“The launch of joint gate and its operation means elimination of double control and procedures. The second part of the agreement clearly mentions the steps which facilitate the movement of goods via means of transport, as well as the passenger transportations”, Mirumyan said.
Machinery equipments and raw materials of industrial significance imported to Armenia will be exempted from VAT on the border from January 1, 2018 under proposed changes in the legislation.
Our ultimate goal to the future is to have an independent, safe, fair and smart Armenia, says PM Karapetyan
“To build our future, ensure our security it is necessary to have a developed, competitive and innovative economy. The economy of the 21st century should develop thanks to dynamic digitization, smart adaptation to the environment. This will be possible only in case of modern, globally competitive, highly qualified and motivated labor force. The base of future Armenia must start from school and continue constantly”, the PM said.
During the discussion the PM attached importance to the further development of the Armenian-Russian partnership in the industry sector and emphasized that he sees true great prospects for it.