Papoyan emphasizes importance of economic diversification
YEREVAN, September 10. /ARКА/. Armenia is working to enhance the resilience of its economy, with one of the key priorities being the diversification of the economy, said Minister of Economy Gevorg Papoyan during the government Q&A session in parliament today, as he addressed a question about whether the government is preparing for a possible economic shift from the Eurasian Economic Union (EEU) to the EU, and if there is a means to assess and mitigate the associated risks.
"Diversification is not opposed to any market nor is it intended for any specific market. It is a process of critical importance for us, through which we aim to minimize our dependence on any single region of the world while ensuring that they also have a reliance on Armenia," Papoyan stated.
The minister highlighted the significance of this strategy from a security standpoint, noting that in fluctuating conditions, no market can assure lasting stability for any nation.
"This is why we endeavor to maintain a presence in all markets - from East to West, and from North to South, utilizing various instruments for this purpose," he remarked.
Papoyan identified the ongoing development of quality infrastructures, which includes aligning national technical regulations and standards with those of international markets, as well as establishing suitable laboratory capabilities to ensure that goods and services produced in Armenia meet the requirements and expectations of diverse markets.
Conversely, the government is consistently dedicated to enhancing productivity. "Our production has nearly doubled in monetary terms over the last few years," he stated.
The third aspect, as noted by the head of the Ministry of Economy, pertains to competitiveness and representation in international risks through marketing initiatives designed to showcase our products and services in global markets.
As per official statistics, the industrial output in Armenia for 2024 reached approximately 3 trillion drams (at current prices), reflecting a 4.7% increase compared to 2023. However, during the first seven months of 2025, the industrial output experienced a decline of 9.8% relative to the same timeframe in 2024, totaling 1.5 trillion drams.-0-
