Armenia takes steps to boost textile exports

The decision was taken at a government meeting recently.

The production of clothing and sewing accessories is one of the strategic export sectors of Armenia and plays a key role in the economy, but it is difficult not to notice serious risks and problems that require a comprehensive solution, the country’s economy minister Gevorg Papoyan said at the meeting.

Textile enterprises need raw materials. Studies show that if producers have raw materials of the appropriate quality and volume, the volume of production in the textile industry will tend to grow.

To increase market stability and balance, it is necessary to diversify the supply chain by stimulating import of raw materials and the export of textile products.

The government will subsidise interest rates for loans procured by domestic enterprises for purchasing raw materials and advertising products on international platforms for 12 months, according to domestic media reports.

Interest rates will be subsidised at 8 per cent in case of a loan in drams and at 6 per cent in foreign currency. 

ALCHEMPro News Desk (DS)