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Armenian Government plans to support start-ups operating in priority areas

armenpress.am5 hours ago
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Armenian Government plans to support start-ups operating in priority areas

A regular Cabinet meeting was held on May 4 chaired by Prime Minister of Armenia Karen Karapetyan.

As “Armenpress” was informed from the press service of the Government of Armenia, before proceeding to the agenda, the Prime Minister gave a number of instructions. With reference to the Government’s policy of subsidizing the economic entities engaged in priority areas, the Prime Minister stated in part, “We have repeatedly talked about the need for providing targeted and effective assistance in priority sectors of Armenia’s economy. We believe the time has come for the Government to provide effective assistance to startups in priority areas. In particular, we suggest initiating a new policy of subsidizing interest on commercial bank loans. This is in tune with our drive for increasing efficiency and competitiveness in the fields deemed to be a priority. We will thereby support those entities generating added value and, most importantly, we will provide new and sustainable jobs.”

Based on the above, the Prime Minister gave the ministers of Economic Development and Investment, Finance and Agriculture two weeks to discuss and submit to the Government Staff proposals on developing a specific toolkit for assistance (subsidy) in priority areas in cooperation with the Central Bank and commercial banks.

The Premier also gave instructions regarding the administrative reform, garbage collection and sanitation. He ordered to deal with the shortcomings in the operations of gas stations, water supply and irrigation systems. Concerning the latter, Karen Karapetyan evoked the need to address the problem of 560 settlements left out of the coverage of the water supply company.

The Government made an amendment to comply with requirements of a standing decision referred to as “On phased liberalization of coastwise freightage.” The decision will streamline the coastwise transportations exercised by the logistic companies registered in the Eurasian Economic Union-member States. In addition, the freight-haulers registered in Armenia will be able to carry out a single coastwise transportation after implementing an interstate transportation in EEU-member States.

In order to meet the statutory requirements of the law On Procurement, the meeting approved a new procedure for the procurement process by amending a previously adopted decision. The decision will streamline the relationship applicable to the procurements made outside Armenia, procurement planning, procurement item specifications, initial control of procurement, contract execution, management and financing. ...

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