In Armenia, more than 60% of the shadow economy.

By the end of 2009, Armenia's external debt at the expense of new loans close to $ 3 billion, which at the expected ratio of more than 40% of the country's GDP can lead to severe economic consequences.

This was stated in Yerevan today, the Chairman of the Union of manufacturers of domestic products (UMDP) Vazgen Safaryan.

According to him, UMDP submitted to the Government a number of proposals that can positively affect the economic situation in the background of the global financial crisis. In particular, Safaryan called for the restoration of the Ministry of Industry and Foreign Trade. «This step can be a powerful stimulus for economic development and our proposal was understood the prime minister», he said.

UMDP President expressed confidence that Armenia promising areas of industry may be engineering, processing of agricultural products, electrical and chemical production. «In the near future we intend to submit to the government program to develop the country's small aircraft, both production and operation and implementation of light aircraft», said Safarian. According to preliminary estimates, the program requires an investment of $ 500 thousand.

Vazgen Safaryan advocated the provision of cheap credit to small and medium-sized businesses, interest rates are adjusted for inflation should not exceed 8% per annum. According to him, small and medium enterprises in the current circumstances are in need of tax holiday for a period of not more than 5 months.

Head UMDP noticed that if there are more than 60% of the shadow economy is necessary to undertake effective steps in the tax area. According to him, the increase in the fiscal press can lead to a reduction in the tax field. «Entrepreneurs must understand that paying taxes, they can not just sleep peacefully, but also significantly improve the economy of the country», said Vazgen Safaryan.