Economy Minister on Economic Diversification

Economic diversification does not imply replacing one large trading partner with another, but rather signifies a multi-faceted growth of trade turnover. This was stated by the newly appointed Minister of Economy Gevorg Papoyan in a conversation with reporters after a Government meeting.

“Economic diversification is a continuous process that should happen constantly. In my interviews, I mentioned that diversification of the economy is not the situation where you replace one major trading partner with another. It is when you have several major and numerous smaller trading partners. Economic diversification is a process that results in Armenia being proportionately dependent on the world, while other countries, in turn, are proportionately dependent on Armenia. In other words, it is a reciprocal process. We need to increase our trade turnover in all directions,” said Papoyan.

Recognizing that Armenia has closed borders, which is a serious obstacle to economic development, the minister also emphasized that he and his team view this as a difficult challenge. Therefore, they will continuously and daily work to find new pathways for the development of Armenia's economy. According to him, the Prime Minister's recent visit to Egypt also aimed at finding such new pathways.