Armenian Finance Minister Vahe Hovhannisyan touched upon key aspects of the Armenia's economic landscape in an interview with BMG, shedding light on the nation's reliance on re-exports and the emergence of a new leading taxpayer.
Minister Hovhannisyan revealed that in 2023, re-exports constituted a substantial portion, accounting for 57% of Armenia's overall exports. Despite concerns raised by economists, Minister Hovhannisyan sees this reliance as a strategic move, aligning with Armenia's ambition to establish itself as a logistical and transport corridor between East and West. He emphasized the importance of ensuring the sustainability of re-exports and highlighted plans to establish special reserves to mitigate potential risks.
Regarding the recent shift in Armenia's leading taxpayer to a company engaged in the import and sale of mobile phones and accessories, Minister Hovhannisyan remains optimistic. He dismissed concerns raised by economists, attributing the change to the natural fluctuations within the economy. Minister Hovhannisyan emphasized the need to focus on supporting industries with long-term growth potential, particularly in the context of currency fluctuations.
“I think our main attention should be on industry, how we can support them in this situation where our currencie is evaluating and support those areas of our economy, which provide long term growth potential.
From this perspective, I don't see a significant issue with businesses taking advantage of the current situation to maximize their profits. It's a natural occurrence, and I hope that businesses in various sectors will have the flexibility to capitalize on any opportunities to generate additional revenue,” - Hovhannisyan said.
