Prime Minister: “SME development is important in terms of implementing the concept of economic revolution”

06 March, 2020

Prime Minister Nikol Pashinyan held a consultative meeting to discuss the Small and Medium-Size Enterprise (SME) Development Strategy.

To begin with, Nikol Pashinyan noted that from the very outset his government formulated the concept of solving the problem of poverty and welfare through labor. “The first idea that stems from this concept applies to small and medium businesses. The worldwide perception of small and medium-size enterprises has changed over time: SMEs were previously perceived as a certain auxiliary field and system of economy, but after seeing several crises, the global economy has made some rewordings: SMEs are more flexible and have a higher level of resilience to economic collapse,” the Prime Minister said.

Nikol Pashinyan noted that during his visits to a number of European countries, he noted that some developed countries are currently implementing a program of fragmentation of large enterprises. Attempts are being made to turn large corporations into something that is called an ecosystem in high-tech industries, that is, to fragment large entities as much as possible, provide mechanisms for interaction, flexibility of operations, and multifunctionality, so that companies faced the least possible dependence on narrowly specialized activities and were more flexible in adapting to market requirements.

“In this regard, I think the SME Development Strategy is of paramount importance for economic development as a whole, as well as for implementing our concept of economic revolution. So we must develop a high-standard strategy and implement it qualitatively,” Nikol Pashinyan said.

The representatives of the agencies concerned reported that the strategy seeks to ensure increased SME efficiency, higher employment rates, expanded sales markets and consistent measures to improve the business environment through state support mechanisms.

The strategy implies increased access to SME funding. Measures will be taken to better the financial skills of SME staff, enhance the level of operational transparency, as well as to promote a modern corporate culture and develop innovative technological solutions.

Several proposals and recommendations were voiced during the exchange of views that followed. Prime Minister Pashinyan highlighted the campaigns and events aimed at informing the public about this and other strategies. The Premier told those responsible to finalize the strategy, taking into account the proposals voiced at the meeting and submit it to the government for approval.

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