ArmInfo. The Chairman of the Central Bank of Armenia, Martyn Galstyan, has no doubt that the share of small and medium-sized businesses (SMEs) in GDP will be increased to 40%. He stated this to journalists on the sidelines of the forum "SME Sector: Impact and Development Challenges," commenting on Prime Minister Nikol Pashinyan's statement about the target increase in the share of SMEs in GDP to 40%.
"I have no doubt about this, because we have a talented business community, as well as banks that, by building relationships with the entrepreneurial community, receive lending opportunities that facilitate progress toward our goal," he noted, adding that holding the forum and developing dialogue between banks and SMEs will help achieve the stated goals. The head of the Central Bank expressed the opinion that SMEs are gradually becoming more high-quality and transparent. He emphasized that the country has state support programs that provide incentives for companies to increase transparency through audits, ratings, and other tools. "I think that over time, we will have both better-quality companies and better-quality banking products," Galstyan said.
It should be noted that in Armenia, of the approximately 115,000 active micro, small, and medium-sized enterprises (MSMEs), only about 16,000 have loans. Meanwhile, the sector accounts for just over one-third of tax revenues.
SMEs account for approximately 35% of Armenia's GDP, compared to 50-60% in EU countries and 45- 50% in neighboring Georgia.
