ArmInfo. Shirak, compared to other regions of Armenia, has the smallest loan portfolio and less realized opportunities for bank lending. This was reported in Gyumri on the sidelines of the conference "The Economy of Armenia Outside Yerevan" Daniel Azatyan, Chairman of the Union of Banks of Armenia (UBA), said in response to a question from an ArmInfo correspondent.
He also emphasized that after Yerevan, the largest number of bank branches – 35 – are concentrated in the Shirak region. "This means that banks see great growth potential here, but they must correctly assess and identify target segments, resources, and opportunities in order to be able to present more interesting proposals," the head of the UBA said.
Analyzing the situation in Shirak, Azatyan noted that according to 2016 data, the region accounted for only 4% of GDP, and by 2023, this share had dropped to 3.6%. "It is clear that this is due to the growth of our GDP; it has also grown in Shirak, but not as much as the country's potential." "I believe the government is making great efforts to ensure the balanced development of the regions, and banks are also ready to assist and implement initiatives here," he emphasized.
Overall, Azatyan noted that 70% of Armenia's GDP is concentrated in Yerevan, and only 30% in the regions. "Traditionally, when we look at the economy in the regions, it is primarily represented by agriculture and mining, and recently, tourism has been actively developing. But, in our opinion, the regions have potential for development in all sectors of the economy, particularly construction and innovative technologies. And I think we need to be able to solve the problem of human resource distribution," he noted.
It is worth noting that, at the initiative of the Union of Banks of Armenia, a conference dedicated to the dialogue between business and the banking sector is held twice a year in the country's regional cities. Events have already taken place in the Aragatsotn, Syunik, and Lori regions and the city of Yerevan, and this time the Union of Banks of Armenia hosted guests in the Shirak region. In addition to the traditional conference, this year's event featured the "Banks and Business in Gyumri" expo, which provided Gyumri residents with the opportunity to learn about banking products, special offers, and services.
In the afternoon, the "Armenian Economy Outside Yerevan" conference was held. Its purpose was to bring together representatives of the banking system, government and international organizations, and the business community. The conference presented business financing opportunities outside Yerevan and available financial instruments, and discussed prospects for expanding economic activity, investment, and access to financial services in the regions.
In particular, panel discussions were held on the topics of "Limitations and Opportunities for Business Expansion Outside Yerevan" and "State Priorities for Realizing the Economic Potential of the Regions."
The conference also featured the screening of the film "Success Stories," which vividly depicts the journey of entrepreneurs in the Shirak region, the efficient use of local resources, and the results of a reliable partnership with the banking system.
