Papoyan Discusses Consequences if Amulsar is Not Operated

If Amulsar is not operational, our economic growth will certainly be lower. This was stated by the Minister of Economy, Gevorg Papoyan, during a press conference. "Recently, an agreement was signed, whereby Lydian Armenia transferred 12.5% of its shares to the Armenian government. We commissioned a high-level audit, which also showed that this is a project that is fully feasible and profitable," said Papoyan.

In the minister's opinion, financing issues will be resolved in the near future, and after the completion of that process, work will commence. "There has already been $500 million invested there, and the company will invest an additional $100 million out of the remaining $250 million, leaving $150 million, which will be financed by our financial institutions. In that case, we will start construction work in the spring, and in September-October, we will begin production. This will give a serious boost to our economy and industry," noted Papoyan.

He added that at the beginning of next year, a 5.6% economic growth was initially projected, but the Ministry of Finance has slightly reduced that forecast. "If Amulsar is not operational, the economic growth will indeed be lower. If Amulsar operates, we will revise the economic growth indicators not only for this year but for the following years as well. If Amulsar operates at full cycle, Armenia's GDP will grow by an additional 1% annually, and our state will receive an additional $120 million in taxes, creating a large number of jobs, and communities will receive additional subsidies. In this regard, the operation of Amulsar is of vital importance for Armenia. Our target for next year is to have economic growth around 5.5%,” he concluded.