AZG Daily, 05-17-2003. Armenian trade and economic development ministry called a news conference Friday on the occasion of one-year anniversary of Small and Medium- Sized Business Development Center (SMBDC), a non-profit and semi-state-run organization. He said the idea was conceived in 2000 and a year later it was declared as one of the main priorities of the government economic policy.
Citing a drastic increase from 20 million Drams
in 2002 to 250 million in 2003 from the state budget for the development of
small and medium sized businesses and several government-drafted laws, which
he said have significantly facilitated starting and running business, Chshmaritian
said it was a clear indication of the government's support to this sector, reaffirming
once again that it is the cornerstone of the country's economy.
The minister also cited another figure that the sector's contribution to the
overall GDP last year raised to 35 percent against 17 percent two years before.
He said the share might rise up to 55 percent in 4-5 years given the 8-10 percent
GDP annual growth. According to Chshmaritian, there are beneficial conditions
to achieve this goal.
Head of the Center Rshtun Martirosian said some 4,000 Armenian enterprises benefited from the assistance of the Center. It also plans to open regional centers before the end of the year. The main directions of its assistance are providing information, training, consulting and financial aid. It will also provide guarantees for small companies when they apply to banks for loans, up to $600,000 with annual interest rate of 16-17 percent.
By Ara Martirosian