Eurobond proceeds should go to local industries, says manufacturers’ union chief

14:58 • 11.10.13
Economy

The president of the Local Manufacturers Union has stressed the need of spending the Eurobond proceeds on the development of local industries.


At a news conference on Friday, Vazgen Safaryan said it is necessary to first of direct the sum to the construction of the second energy bloc of the Yerevan heat electro-power stations and save the rest of the money on the re-re-development of the Zangezour Copper and Molybdenum Plant.


“As far as the Eurobonds are concerned, we propose, first of all, that the sums be spent on the construction of the second bloc of the heat electro-power station of Yerevan. We will also work on the expansion of the Zangezour Copper-Molybdenum Plant and the re-development of its tailing dumps,” he said, adding that the plan will help create 15,000 more jobs.


Safaryan further unveiled plans for spending the money on the construction of the Armenia-Iran and Yerevan-Fioletovo (Tavush region) railways.


As for any assistance to small- and medium-sized enterprises, he said it isn’t quite advantageous to direct the sums to that, with the interest rates being considerably high. “We are raising the value of our money, but money with a high value will yield no result in economy,” he said,


Safaryan noted that the industries’ share in the Armenia’s GDP is now 20%, which is significantly lower compared to the over 61% of the Soviet times when the country had a powerful economy. “Our economy has suffered quite a serious decline, so the state has to implement investment policies,” he added.
 

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