Armenia should look into foreign markets, says president Sargsyan

Armenia’s president has said local production should target not only domestic, but also international markets.

Speaking at the 6th congress of Armenia’s Union of Manufacturers and Businessmen (Employers), Serzh Sargsyan said that Armenia’s geographical situation is not beneficial for the development of business and its diversity.

“Usually small, internal markets limit the minimum scales necessary for production and supply and reduce economic efficiency. That is the reality, but we do not have a right to be disappointed with this and other impediments,” said Serzh Sargsyan.

Further, he said that foreign markets offer immense opportunities and should therefore constantly be Armenia’s target for economic development.

Sargsyan also said to organize the exports at such level Armenia will need more production, new knowledge and people with such capabilities, as well as relevant equipment.

“We should not drag behind the process of rapid innovation. Very often business programs and initiatives are of traditional and inertia character; repeat each other in separate cases,” said he, adding that such phenomena should be avoided.