Economic growth in Nagorno-Karabakh driver of Armenia’s economy – Karen Karapetyan

At a joint press conference by the Armenian and Nagorno-Karabakh premiers, reporters mentioned 9.1% economic growth in the Nagorno-Karabakh Republic (NKR) and inquired about the NKR government’s success and the Armenian government’s failures while Armenia’s economy in dependent on the Russian market, and the NKR economy on Armenia’s market.

Armenia’s Prime Minister Karen Karapetyan said that the NKR government has made “fantastically right and daring steps.”

“We can see growth in Nagorno-Karabakh given business risks,” Mr Karapetyan said.

NKR Prime Minister Araik Harutyunyan pointed out a need to focus on the GDP pattern, and changes involve development of hydropower engineering. But Armenia largely used its potential in 2008.

This year’s investments in the energy sector totaled US $50m, the agricultural sector and mining industry are showing development tendencies.

“They are champions in terms of growth and innovative steps,” Mr Karapetyan said.

The economic growth in Nagorno-Karabakh has impact on Armenia’s economy as well, because the investments are produced in Armenia and imported to Nagorno-Karabakh as finished products.

“It is a driver of Armenia’s economy,” the premier said.