The Ministry of Economy of Armenia is focused on attracting investments for the development of the country's agriculture sector, which has been experiencing a decline. This was stated by the Minister of Economy Gevorg Papoyan, during a meeting of the Committee on Territorial Administration, Agriculture, and Ecology of the National Assembly of Armenia on March 27.
According to him, the process of consolidating lands has been completed, and now it is important to use them efficiently. The implementation of pilot programs to attract investors to develop the potential of the Ararat Valley is being considered. If investors are interested, the possibility of selling or leasing lands for the long term is being discussed. Technical issues are in the process of resolution.
The minister also touched upon the sphere of agricultural risk insurance, noting the difficulties in its implementation due to the refusal of reinsurers to participate in the project. Currently, work is underway with the Central Bank and insurance companies to resume the project.
Minister Gevorg Papoyan also noted that in 2023, the volume of agricultural production amounted to 948 billion drams (about $2.5 billion), which is 0.3% less than in 2022.
According to the state budget, at the beginning of 2023, 38.1 billion drams (about $100 million) were allocated for the development of agriculture.
According to ArmInfo, the agricultural risk insurance program in Armenia was launched in 2019 and continued its operations until 2023. During this period, 10,192 contracts were signed, covering a total area of 11,662 hectares, with 3,864 insurance compensations paid amounting to approximately 2.7 billion drams.
