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In Armenia the first Cabinet session of this year kicked off with instructions. Particularly PM Karen Karapetyan gave instructions to Economic Development and Investments, Finance, Defense, Agriculture and Health Ministers to jointly study and come up with proposals within 20 days on substituting the import of certain products by local productions, reports Panorama.am.

In his words replacement mechanisms and different options are to be considered, including the adequate substitute products the local production process of which can be very profitable and competitive.

“Generating demand for those products can be ensured due to market mechanisms on the expense of reduction in demand of imported products or locally produced goods that are not profitable,” Prime Minister noted.

Karen Karapetyan also noted that there are goods that entail profitable local production and are competitive in the market, however they lack production capacities or such productions are not carried out at all the in the country. Thus he stated that the investments for organizing or promoting the production of such goods can be set in a medium term.