Armenian economy in need of diversification

The Armenian government plans to hold debates on economic issues jointly with ministers and parliament members, Armenia’s Economic Minister, Nerses Eritsian, stated on September 10. Such debates will be examined by the Armenian President and thus the country’s future development will be determined for the next 20 years. Minister Eritsian stated as well in his appearance in front of the students that Armenia’s economy needed serious diversification. According to him, the government plans to develop its industrial policy and attract serious foreign investment. The Minister also expressed his opinion that Armenia has certain geo-political as well as regional limits which create additional challenges for the country’s economy. Eritsian stated that it is necessary for the country’s development to establish a healthy, compatible and appropriate environment to facilitate development for small and medium sized businesses. The country should also develop its export market, thinks Ricardo Housman, director of the Harvard International Development Institute Center. Housman thinks that this could be achieved by developing tourism information technologies and agriculture. He added that, in general, Armenia products need to be made more attractive.