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Armenia’s Untapped Capacity

My experience and knowledge gained over 25 years in the mining sector, many years of communication with a variety of international investors, connections and exchange of experience with the international mining community allow me to make comparisons between the mining industries of different countries, see the strengths and the potentials that Armenian mining industry has, as well as highlight the problems the solution of which will enable to develop the sector.

Mining as the key to economic development

For years, we have been looking for the key to economic development in Armenia, giving priority to the IT sector, tourism or agriculture. However, every time after global and regional upheavals, it becomes obvious that these sectors are not enough for sustainable economic development and for competing with neighboring countries. The COVID-19 pandemic, the war, the strengthening of Armenian dram and the regional instability have shown that the abovementioned sectors are much more sensitive to such upheavals and cannot be the pillar that the domestic economy can rely on.

The opposite can be said about the mining sector. During this difficult period, the sector remained stable and assumed the main financial burden of the country. So, there is no need to reinvent the wheel to find the key to economic development. All one has to do is study the path and experience of developed economies and see how the mining industry has contributed to the further development and diversification of the economy.

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