The FINANCIAL — A new study released on September 29 by IFC, a member of the World Bank Group, shows that improvements in productivity, output quality, and food safety standards, combined with market and product diversification, can increase the competitiveness of Armenian fish products and lead to greater access to export markets.
Armenia’s aquaculture sector is an important employer, a key food provider, and an engine for export-driven economic growth. It is also one of the country’s fastest-growing sectors. Yet its untapped potential remains significant – the Ararat Valley alone offers more than 300,000 tons of aquaculture potential. At the request of Armenia’s Ministry of Economy, the IFC Armenia Investment Climate Reform Project has produced a sector review to pinpoint market imperfections and offer recommendations.
“The Armenia Aquaculture Sector Review developed at the Ministry’s request by IFC will be a useful tool for policymakers and businesses operating in this sector,” said Sergey Avetisyan, Deputy Minister of Economy of Armenia. “It will help develop the country’s fish industry and stimulate export performance.”
The report found that improving export and import procedures can help increase the competitiveness of aquaculture products. It also stressed the importance of addressing the challenges and opportunities of exporting to foreign markets, including the benefits of improved food safety practices, a stronger supply chain, and reduced administrative barriers.
“This review aims to help tap the country’s significant potential and thereby contribute to Armenia’s economic development,” said Arsen Nazaryan, the IFC Armenia Investment Climate Reform Project Manager. “We look forward to continued cooperation with our partners to do more to enhance the competitiveness and promote exports of the country’s agriculture products.”
The IFC Armenia Investment Climate Reform Project is implemented by the World Bank Group Trade and Competitiveness Global Practice, in partnership with Austria’s Federal Ministry of Finance and Hungarian Partnership Funding/Hungary EXIM Bank.
Armenia became an IFC member in 1995. Since then, IFC’s long-term investment commitments totaled $233 million, including $22.8 million mobilized from other lenders, financing 42 projects across a range of sectors, including financial markets, manufacturing, agribusiness, services, and mining. IFC has also supported trade transactions worth more than $122 million through its trade finance program. IFC has also implemented advisory projects focused on private sector development.