Syrian Armenian: Trade in Armenia more profitable than manufacturing

In Armenia, trade is more profitable than manufacturing, the deputy director of the Center for Coordination of Problems of Syrian Armenians Alexan Karadanayan said today at the sitting of the Social Council of Armenia’s State Commission for the Protection of Economic Competition.

In his words, competition in Syria was different from that in Armenia. Syria had a large population which seemed to pose a problem, but after moving to Armenia, Syrian Armenians realized that starting or doing a business in a small market is more difficult. “There are fewer consumers in Armenia so it is much more difficult for us to find our place here,” the speaker explained.

The Syrian government used to give interest-free loans to those starting a business and also exempted them from taxes for 3-5 years, while Armenia’s SME Development National Center gives Syrian Armenians loans at 4% interest rates.

According to Syrian Armenians, manufacturing entities in Armenia encounter a number of problems related to taxes, duties and red tape, which hinders the production process.

Karadanayan said that the state should promote domestic production. In his words, the Syrian Armenians pin their hopes on Armenia’s entry into the Customs Union, as a result of which the Russian market will open and competition will improve.