“We are able to keep tens of millions of dollars in the country every year and boost economic activity”: Narek Karapetyan (video)

What goal did philanthropist Samvel Karapetyan set in 2017 after the opening of Rio Mall in Yerevan?

Narek Karapetyan, Vice President of the Tashir Group of Companies, explained:

“After opening Rio Mall, some of our compatriots criticized us for opening just a store. It was a fair point. Shopping centers are valuable, but in terms of quality, we needed to introduce something different. At that time, Samvel Karapetyan asked me to come up with proposals to develop new sectors in the country. The first instruction was not to compete with local manufacturers but to select a promising sector that would be new. The goal was to compete with importers and bring qualitative changes.”

Narek Karapetyan proposed a cable factory, which was subsequently established and has operated successfully.

“Cables were always among the top 100 imports. Once we started producing locally, they dropped to around the top 50–60. The country now imports much less. Importing fewer goods means sending fewer dollars abroad, strengthening our currency, and making the country richer,” he said.

He emphasized that one of the key guarantees for a country’s wealth is exporting more than importing.

“We are able to keep tens of millions of dollars in the country every year and boost our economic activity,” Karapetyan concluded.