Prime Minister Nikol Pashinyan visited the Ministry of Economy to participate in the discussion of the performance report 2022 of the Ministry of Economy.

The meeting was attended by Deputy Prime Ministers Mher Grigoryan and Hambardzum Matevosyan, Minister of Finance Tigran Khachatryan, Head of the State Supervision Service Romanos Petrosyan, Chief of Staff of the Prime Minister Bagrat Badalyan, officials of the Prime Minister's Office, the leadership of the Ministry of Economy, other officials.

Minister of Economy Vahan Kerobyan and the deputy ministers presented the activities implemented by the ministry according to sectors.

It was reported to the Prime Minister that in the first 9 months of 2022, 12.1 percent economic growth was recorded, and according to the Ministry of Economy, economic growth will reach 14 percent based on the annual results. Work was carried out in the directions of improving the management of public investments, development of public-private partnership, promotion of cooperation with international economic organizations, the performance is above 82 percent. The conference "Days of Science and Business" was organized. The program for improving the business environment and the draft Government decision on complex economic investment standards are being finalized. Economic development and investment policies, green economy development are under elaboration.

The progress of work in the fields of industrial policy, investments and quality infrastructure was presented to the Head of the Government. It was noted that the "Infrastructures for Investments" program has been launched, the number of businessmen interested in it exceeds 50, now 8 active applications are under consideration. The investment project for the construction of a mountain complex in the Aparan community of Aragatsotn region, with a total cost of around AMD 30 billion, sbmitted by the "Miller Mountain Resort " company, is in progress. The possibilities of a number of investment projects in the directions of infrastructure, mining, export are discussed. Discussions have been initiated regarding the development of quality infrastructures, and work is being done in this direction with international partners.

Measures were taken to promote labor productivity. The program of modernization of economic capacities has been launched, which created opportunities for enterprises to receive almost interest-free credit up to 10 billion AMD and to purchase equipment. According to those in charge, the program is in demand, and at the moment the portfolio is 42 billion AMD. Another program, that provides for salary subsidy, is aimed at attracting the best specialists from abroad to Armenian companies. there are already 200 applicants, the process is expected to start next year. Digitization of business processes has been initiated. In order to increase the share of SMEs in the GDP, programs aimed at promoting the connection between SMEs and education, science, and the development of state-business partnership are being developed.

In the field of international economic cooperation, an increase was recorded in terms of the ratio of GDP/goods and services (45 percent). An increase was also registered in trade turnover with a number of countries, including neighboring Georgia, the Islamic Republic of Iran, and others. The technical task of export strategy of the Republic of Armenia was developed. Within the framework of the ongoing programs, export promotion activities were carried out in a bilateral and multilateral format.

According to the data of the Statistical Committee, in the field of agriculture, including fish farming, in the first 9 months of 2022, 0.5 percent increase was recorded, and the volume of gross agricultural output was 713 billion AMD. The pilot program of land reforms, which will enter the implementation phase in 2023, was approved. With the program of intensive horticulture, as of November 1, 2022, an application for the establishment of 1533 ha of orchards and the introduction of modern irrigation technologies for 2000 ha (including orchard establishment) was approved. The Law "On Seeds and Planting Material" was adopted by the National Assembly, launching the process of certification of planting material in Armenia. Agricultural machinery leasing and rural insurance programs are being successfully implemented. The animal numbering program has started, around 100,000 have been numbered. In the third quarter of 2022, 6,969 units of loans were provided with the subsidy program for rural loans, with which the target set by the Government is almost fulfilled (7,000), the total loan portfolio is 224 billion AMD. The program will be discontinued from January 1, 2023. The implementation of a number of other programs also continued, and in parallel, the monitoring of their results was carried out.

Development strategies for various branches of the economy have been developed and are under discussion/circulation.

An exchange of ideas took place around the presented reports.

Nikol Pashinyan was presented with details of the completed works, the progress of major investment projects, industrial policy, sectoral institutional base, as well as a number of other topics.

The Prime Minister noted the importance of the correct assessment of the cost-effectiveness/profitability ratio of investment projects, emphasizing that the Government will continue to focus on the implementation of investment projects that provide multiple economic effects and support the improvement of the business environment.

According to the Head of the Government, the creation of the necessary legislative base for public-private partnership will allow the successful implementation of a number of planned investment projects. Nikol Pashinyan also emphasized the importance of proper implementation of quality infrastructure and accreditation process, protection of intellectual property rights, which is a serious factor both in terms of export, investment attraction, and business promotion.

Based on the results of the discussion, Prime Minister Pashinyan gave instructions to those in charge.