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The 7th congress of the Union of Manufacturers and Businessmen of Armenia took place in Yerevan on Friday. Union Chairman Arsen Ghazaryan made a speech presenting the achievements and further programs of the Union.

Ghazaryan said that although the business environment of Armenia needs to be improved, the Armenian economy is more competitive, flexible and ambitious as compared with those of neighboring countries.

“Cooperation between the state and private sectors of Armenia may serve as an example for other CIS states. Yet, no serious economic growth should be expected today if we pin our hopes only on the shadow sector’s reduction,” he noted.

He stressed the need to create a favorable atmosphere in the business environment. ‘There should be a favorable atmosphere in the business environment so that reforms will be correctly perceived”, the union chairman said.

As regards currency fluctuations, Arsen Ghazaryan said the Central Bank of Armenia (CBA) has instruments to control the situation.

“The deputy chairman of CBA said at the government yesterday that they have instruments to control the situation. He warned against speculative activities. Mister President, I propose punishing those engaged in currency speculation that slows down economic growth.”