Armenia Among Top Destinations for Migrants from Russia, Says Minister

The Minister of Finance of Armenia, Vahe Hovhannisyan, presented the factors contributing to the country's significant economic growth recorded last year and the steps taken by the government in this direction.

During the discussion of the annual budget report in the National Assembly, addressing the question of the government's role in the 12.6% economic growth recorded in 2022, Hovhannisyan noted that there are opinions suggesting that the government has no relation to this growth, and that the economy has grown for reasons completely independent of the government. He clarified what tools and role the government has in the context of economic growth.

“The first is tax and budgetary policy. This means that on one side we collect taxes, and on the other, we spend that money. The second is that the government is implementing reforms in various strategically important sectors and providing various services to the public, including security,” said the minister.

Regarding how recent reforms have affected Armenia's image, Hovhannisyan stated that despite security and logistical issues, Armenia is a wonderful place to live and engage in creative work. “The low level of corruption, the degree of efficiency in the public governance system, the favorable tax environment, the stable financial system, rapidly developing public infrastructure, and many other factors have made our country attractive to thousands of tourists and foreigners, including Russian relocants. The daily diligent work of the government plays a huge role here, which strives every day, along with every citizen of Armenia, to position Armenia as a significant country on the map. Armenia always ranks in the top three for migrants from Russia. One ought to simply ask why, for example, Azerbaijan is not on that list. We are competing with countries that have a higher level of development than us, such as Turkey, Kazakhstan, and the UAE,” said Hovhannisyan.

According to him, the main role of the government is to create an environment where people would want to live, work, and invest.