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Human thought, intellect and initiatives should be the driving force of the Armenian economy, Prime Minister Nikol Pashinyan said today, introducing the government’s action plan to the lawmakers.

He says the government program for the next five years is aimed at building an export-oriented competitive and inclusive economy to meet the high technological, industrial and environmental standards.

The PM stressed the key task of the new government is to restructure the gross domestic product (GDP) to make technologies and technological innovation the locomotives of Armenia’s economy. 

Pashinyan named exports as the main prospect for Armenia’s economic development, stressing all the key branches of Armenia economy should be export-oriented.

“We have unlimited opportunities here, as Armenia is a member of the Eurasian Economic Union (EAEU), with the EAEU having free trade deals with several countries, such as Iran and Vietnam. The geography of such agreements will expand in the near future. Armenia enjoys GSP and GSP+ privileged trade systems with a number of Western countries. Thus, the untapped export potential is huge,” he said.

According to the PM, Armenia’s key problem in the exports sector is to ensure the compliance of domestic products with the highest international standards, their respective volumes and marketing issues.

“Our government will do its best to provide support to businesses on the matter and ensure their real access to markets,” he said.

The PM also called for efforts to turn Armenia into a country exporting finished products from a country that exports minerals. “Strongly increasing the exports share of high technological goods in this structure is our key ambition. The competitiveness of Armenian products and services has crucial importance to tackle this issue,” Pashinyan said.

In this respect, the PM attacked importance to a decline in credit interests and financial stability expressing the hope the Central Bank will be able to effectively manage this issue.