President Vahagn Khachaturyan participated in the Conference Dedicated to the 30th Anniversary of the Eurasian Capital Markets Union

President of the Republic of Armenia Vahagn Khachaturyan participated in the conference dedicated to the 30th anniversary of the Eurasian Capital Markets Union.

The President of the Republic delivered the opening speech at the conference:

“First of all, I congratulate all of us on successfully organizing the annual international conference of the Eurasian Capital Markets Union.

This is a unique opportunity to discuss current issues, challenges, and opportunities in the capital market with leading experts in the field, as well as to explore new avenues of cooperation. I am confident that this event will provide a new impetus, particularly for the activation of the Armenian stock exchange.

Today, our economy needs new financial resources, investments, and instruments to maintain high levels of economic growth. The existing capabilities, especially the resources of the banking system alone, are no longer sufficient to drive economic development. I believe it is time to involve internal resources more actively in the economy.

The recent economic achievements of the Republic of Armenia are the result of several factors: long-term macroeconomic growth, balanced fiscal policy, stability of the financial system, and increased accessibility to finance.

When discussing Armenia’s economic development, it is important to emphasize that in recent years our economy has developed at a rapid pace, recording an average growth rate of 7–8 percent. Among experts, there is a clear consensus that economic growth has significantly increased.

This success has become a reality thanks to the consistent efforts of the government, as well as the influence of some objective external factors. A major role in this process has been played by the government’s ambitious economic support programs, aimed at increasing the complexity of the economy and promoting domestic and foreign investment in high value-added production.

I also consider crucial the efforts made by the government and the Central Bank in ensuring macroeconomic stability amid unprecedented shocks in recent years. This is one of the cornerstones of any country’s investment attractiveness. Thanks to these efforts, we have managed to maintain high growth rates and achieve low inflation, an exceptional result on a global scale.

The main directions of our country’s development are science, education, and high technologies. Armenia aims to create an economy that, on the one hand, produces and exports technological and innovative products, and on the other hand, significantly enhances its capacity to serve regional trade flows through developing infrastructure.

We strive to establish ourselves globally as a knowledge-based platform by focusing on education, science, and research.

For this purpose, the government is modernizing educational infrastructure through the large-scale construction of schools and kindergartens, as well as through reforms in the education system by increasing allocations from the state budget to education and science.

Let me share some figures: In 2020, expenditures in the science sector amounted to 13 billion AMD, while in 2024, this figure reached 32 billion AMD, which is 1.1% of the GDP. In the education sector, expenditures increased from 144 billion AMD in 2020 to 288 billion AMD in 2024, which is about 9% of the GDP.

A groundbreaking project has also been launched: the construction of the Academic City. Its goal is to improve the quality of higher education and create an ecosystem for research and development.

Armenia’s high-tech industry, at the forefront of innovation, is paving the way to global markets. The best traditions of this sector have transformed into an environment that includes global tech giants like NVIDIA, Synopsys, Siemens, Adobe, as well as successful startups originating in Armenia such as Pixart, Service Titan, and others.

To deepen regional cooperation, it is essential to focus on the implementation of infrastructure projects such as transportation networks, energy systems, and telecommunications.

With its unique strategic position connecting the West, East, North, and South, Armenia emphasizes the need to establish lasting peace in the region, which requires resolving and overcoming conflicts.

In this context, we attach importance to the ongoing peace agreement negotiations between Armenia and Azerbaijan, the conclusion of which was announced this March, with the signing of the agreement expected.

We believe that major infrastructure projects in the South Caucasus region can serve as unifying and integrating elements for all countries involved.

Only through the participation of all sides and the alignment of vital interests can the necessary preconditions be created for cooperation, connectivity, and prosperity.

To this end, we have launched the strategic initiative “Crossroads of Peace,” aimed at restoring regional cooperation and activating economic, political, and cultural ties through the unblocking of infrastructure.

All of this can be further strengthened by the formation of a just society and the spread of these values in our region. In recent years, Armenia has prioritized strengthening democracy and the rule of law, reforming the justice system, and protecting human rights and fundamental freedoms.

Armenia has undertaken a major transformation of its justice system and is building institutional foundations to combat corruption.

The aforementioned directions and initiatives aim to present the political and economic priorities of the Republic of Armenia, which pave the way for a peaceful and prosperous Armenia and South Caucasus, contributing to global economic development, improving the welfare of the population, and overcoming global challenges.

Once again, I congratulate all of us on the 30th anniversary of the Eurasian Capital Markets Union and wish you fruitful work.”