Formalization of the economy is a key prerequisite for business growth. This topic was discussed at a conference held on April 17 at the initiative of the Republican Union of Employers of Armenia (RUEA) with the support of the International Labour Organization (ILO).
The main subject of the event was the design of a new business development roadmap jointly with the government, in which transparency in operations will be of primary importance.
The conference was attended by representatives of interested government agencies, the business community, and international organizations.
Republican Union of Employers of Armenia initiated this conference, as research in this area has shown that a number of targeted measures are needed to solve the problem.
"It's crucial to determine whether the formalization of the economy is a result of desire or ability—that is, whether businesses are unwilling or unable to operate," noted Vahagn Hambartsumyan, president of the Armenian Union of Entrepreneurs.
Vardan Jhanyan, First Deputy Director General of the "Zangezur Copper Molybdenum Combine" (ZCMC) CJSC and President of the Association of Mining and Metallurgical Industry of Armenia, also attended the conference.
"Since our industry has no problem with getting rid of shadow economy and is considered to be a pioneer in terms of transparency in operations nationwide, we are participating in this conference today to discuss economic issues: after all, we operate in Armenia, and our industry is considered to be a driving force of the economy.
Transparency in operations is crucial, and we are proud to note that ZCMC has been submitting sustainability reports for four years now, which is the main guarantee of a transparent operating style. And I hope that enterprises operating in this country, especially large ones, will follow our example and begin publishing similar transparent reports,” V. Jhanyan emphasized.
