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Gyumri, Armenia – Senior officials from Armenia’s financial sector, banking executives, and business leaders from the Shirak Province convened in Gyumri yesterday to participate in a series of events aimed at fostering regional economic growth. The initiative, organized by the Union of Banks of Armenia (UBA), included the "Banks and Business in Gyumri" expo and the "Armenia’s Economy: Beyond Yerevan" conference.
Promoting Regional Economic Potential
The primary objective of the conference was to bring together representatives from the banking sector, government bodies, international organizations, and the local business community. Participants focused on exploring opportunities for business financing, examining available financial tools, and discussing strategies to expand economic activity and investment in Armenia’s regions.
Key attendees included Martin Galstyan, Governor of the Central Bank of Armenia; Vahe Hovhannisyan, Minister of Finance of Armenia; and Daniel Azatyan, President of the Union of Banks of Armenia.
Bridging the Economic Gap
Addressing the participants, Daniel Azatyan highlighted the concentration of economic activity in the capital. "Today, Armenia’s economy is significantly centered in the capital; Yerevan accounts for about 70 percent of the country’s GDP. This is not only a matter of regional imbalance but also a question of the country’s economic security and long-term growth opportunities," Azatyan stated. He emphasized that the untapped potential of the regions represents a new opportunity for the entire country.
Expo Highlights
During the "Banks and Business in Gyumri" expo, commercial banks and financial institutions showcased their latest services and specialized offers. Simultaneously, entrepreneurs from the Shirak Province presented local products and upcoming business projects.
The conference featured two panel discussions:
- Constraints and Opportunities for Business Development Outside Yerevan
- State Priorities for Realizing the Economic Potential of the Regions
The event concluded with a call to identify the unique characteristics and competitive advantages of each region to translate them into investments, business expansion, and job creation.
Source: Banks.am
