Armenian economy diversification is one of the basic issues, IMF Resident Representative to Armenia Teresa Daban Sanchez has told ArmInfo. She said that the economy is to be focused on remittances and retail. Among the most promising sectors, she pointed out agriculture and tourism, which provide an opportunity to diversify the economy. But diversification needs time and investment programs.
She also pointed out the need to diversify the sales markets. Official statistics shows that the major part of Armenian exports falls on the Russian Federation. Armenia needs to expand its export directions and enlarge the list of its foreign trade partners.
Teresa Daban Sanchez expressed her concern over the situation of foreign investments. To boost investment, Armenia should take serious steps. Earlier Argentina, France, Germany, Russia and other countries invested in the business sector of Armenia, but now the situation has changed for the worse - the inflow of foreign investments has considerably dropped. The IMF Resident Representative thinks that it is first of all necessary to improve the business environment and macroeconomic field to optimize the investment climate in the country.
She said that the global economy market has weakened but changes for the better are already being observed. Armenia, like other developing countries, faces similar challenges. Therefore, in this context, Armenia should be patient and use the opportunity to attract foreign investments aimed at developing the priority sectors of economy, particularly, mining, agriculture and tourism