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

The President of the Republic delivered an opening speech at the conference.

"First of all, I congratulate all of us on making the organization of the annual international conference of the Eurasian Capital Markets Union a reality.

This is a unique opportunity to discuss current issues, challenges, and opportunities in the field and new ways of cooperating with leading capital market specialists. This event will be a new impetus, especially for activating the Armenian Stock Exchange.

Today, our economy needs new financial resources, investments, and tools to maintain the pace of economic development at a high level. The existing opportunities, in particular, only the means of the banking system, are no longer sufficient to stimulate economic growth. It is time to activate the involvement of domestic resources in the economy.

The recent successes of the Republic of Armenia's economy are conditioned by several factors: long-term macroeconomic growth, balanced budget policy, stability of the financial system, and increased access to finance.

Regarding economic developments in Armenia, it is essential to emphasize that our economy has developed rapidly in recent years, registering an average economic growth of 7-8 percent. There is a clear consensus among experts that economic growth has increased.

This has become a reality thanks to the government's consistent efforts and the influence of some objective external factors.

The ambitious economic support programs implemented by the government, which aim to increase the economy's complexity and stimulate industries that create high-added value with domestic and foreign investments, play a significant role in this process.

I also consider the efforts made by the government and the Central Bank to ensure macroeconomic stability in the conditions of recent unprecedented upheavals to be key. This is one of the pillars of each country's investment attractiveness. Thanks to these efforts, we have managed to maintain high growth rates and record low inflation, an exceptional result at the global level.

The main directions of our country's development are science, education, and high technology. Armenia aims to form an economy that, on the one hand, will produce and export technological and innovative products and, on the other hand, thanks to developing infrastructure, will significantly increase its ability to serve regional trade flows.

We strive to establish ourselves as a knowledge-based platform, emphasizing education, science, and research.

To this end, the government is modernizing educational infrastructure with the large-scale construction of schools and kindergartens, reforms of the education system, and increased state budget allocations to education and science.

Here are some numbers: in 2020, expenditures in the science sector amounted to 13 billion drams, and in 2024, 32 billion drams, or 1.1 percent of GDP. The 144 billion drams spent on education in 2020 will increase to 288 billion in 2024, about 9 percent of GDP.

A groundbreaking program has also been launched: the construction of an Academic City. This project aims to improve the quality of higher education and form a research and development ecosystem.

Armenia's high-tech industry, at the forefront of innovation, is opening the way to global markets. This sector's best traditions have turned into an environment where global technology giants such as NVIDIA, Synopsys, Siemens, Adobe, etc., as well as successful startups originating from Armenia, such as Pixart, Service Titan, and others, intertwine.

To deepen cooperation in the region, it is necessary to focus on implementing infrastructure projects such as transport networks, energy systems, and telecommunications.

As a strategically unique country connecting the countries of the West, East, North, and South, Armenia attaches great importance to the need to establish lasting peace in the region, one of the fundamental conditions of which is the overcoming and resolution of conflicts.

In this context, we attach great importance to the ongoing negotiations on a peace agreement between Armenia and Azerbaijan. The completion of the talks was announced in March of this year, and the deal is expected to be signed. Infrastructure projects in the South Caucasus region can unify and integrate all countries.

Only with the participation of all parties and the alignment of vital interests can the necessary prerequisites for cooperation, interconnectedness, and prosperity be created.

To this end, we have launched the "Crossroads of Peace" strategic initiative to restore regional cooperation by unblocking economic and political infrastructure and activating cultural ties.

The formation of a just society and the spread of these values ​​in our region can give all this new impetus. In recent years, Armenia's priorities have been strengthening democracy and the rule of law, reforms in the justice sector, and the protection of human rights and fundamental freedoms.

Armenia has embarked on a significant transformation of the justice system and building institutional foundations for the fight against corruption.

The above-mentioned 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 the South Caucasus, for our region to contribute to global economic development, increase the well-being of the population, and overcome global challenges.

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