Key Issues Related to the Economic Development Strategy Discussed

An in-depth workshop was held on April 4 at the Union of Manufacturers and Businessmen of Armenia (UMBA), aimed at discussing issues related to Armenia’s economic development strategy and identifying the current challenges faced by the business community. Participants included the leadership and experts from the Armenian branch of the International Chamber of Commerce, as well as representatives from academic circles.

UMBA President Arsen Ghazaryan, highlighting the importance of such initiatives, presented examples of previous efforts in similar formats. He particularly emphasized the direct and effective involvement of business-sector public organizations in the development and adoption of Armenia’s Tax Code. According to him, at a time when the legislative framework regulating the economy is undergoing continuous change and when high-level officials are speaking of new reforms — even the possibility of adopting a new Tax Code — the business community cannot afford to remain silent. Instead, it must promptly raise accumulated concerns, organize them systematically, propose solutions, and strive for constructive dialogue with state authorities.

Participants of the representative workshop welcomed the initiative and presented detailed analyses and evaluations. A general consensus emerged that frequent changes to laws affecting the economic sector negatively impact the business environment, the investment climate, and long-term planning. Therefore, any new legislative intervention must be thoroughly justified, well-grounded, and assessed from a long-term perspective.

The presence of a clear national economic development vision was deemed essential — without it, laws regulating specific sectors risk becoming short-term administrative tools lacking strategic purpose. Speakers stressed the importance of defining national priorities and adopting sector-specific strategies based on internal potential, with clearly structured short-, medium-, and long-term action plans.

While fully acknowledging the importance of effective tax administration and budgetary measures, the business community also emphasized the need for laws that would stimulate economic activity, attract investment, support technological development, boost export-oriented sectors, and enhance competitiveness and quality standards.

The importance of continuity in sectoral strategies was highlighted, along with the need for institutional bodies responsible for their implementation and the urgency of developing a coherent human resources policy.

Participants also found it appropriate to strengthen state–private sector cooperation and to further consolidate the efforts of industry-specific public organizations. It was decided that in order to compile and document the ideas voiced during the discussion and to identify key sectoral challenges, such workshops should be held on a regular basis.