Economy

Economy Minister Gevorg Papoyan, summarizing the department’s work in 2024, stated at a press conference that the government plans to allocate 42-43 billion drams for the agriculture sector in 2025.

During a concluding press conference, Minister of Environment Hakob Simidyan stated that Lydian Armenia has all the necessary permits to operate the Amulsar mine, currently, there are no judicial or legal grounds to halt this process.

In Armenia, environmental fees for whitefish and crayfish fishing will increase 4 times, while fees for hunting animals and birds will increase 2 times. The proposal has been approved by the government. The corresponding amendments to the Tax Code were endorsed during today’s government session.

During a year-end press conference, Minister of Territorial Administration and Infrastructure David Khudatyan stated that various proposals are being considered for the construction of a new nuclear power plant in Armenia, these proposals take into account financial and economic factors as well as the timeframe required for commissioning the plant.

One of the investors from the UAE plans to establish an oil refinery in Armenia. It is intended to be constructed near the border with Iran. The investment proposal has been submitted to the “Enterprise Armenia” investment support center, which facilitates the swift implementation of the project.

Trade between Armenia and the United Arab Emirates (UAE) increased more than fivefold during January-October 2024, reaching nearly $5 billion. Armenia has become a key route for exporting Russian gold and diamonds to global markets.

In 2024, a total of 6.38 billion drams were allocated for the construction and renovation of water supply and drainage systems through the subvention program, around 385 km of water pipelines have been constructed and renovated. This was announced by the Minister of Territorial Administration and Infrastructure, Davit Khudatyan, on his Facebook page.

Recently recognized as the “Team of the Year” at the “Best in Sports” competition organized by Armenia’s Ministry of Education, Science, Culture, and Sports, Armenia’s men’s chess team has also been honored by FIDE as the best team of its 100th anniversary.

The operation of the Amulsar gold mine is set to commence in the fourth quarter of 2025