News

How would you describe the experience you have gained over your career?

My active involvement in business began in the early 1990s, and a new experience started in 1997 when the Sukiasyan family decided to acquire a stake in Armeconombank’s capital. From that point on, my main occupation shifted to the banking sector–initially as a member and later as the Chairman of Armeconombank’s Board of Directors. As you know, I still hold that position today, meaning I’ve been in the banking system for 28 years now. By the way, the annual meeting of Armeconombank’s shareholders will take place on 13^th June, during which the new Board composition will be approved and my continued role as Chairman will be decided.

Over these years, the Bank has faced many challenges, requiring swift and decisive action at times. My many years of experience have allowed me to analyze and assess situations, foresee the potential consequences of decisions, and accordingly find the most effective and well-grounded solutions. And importantly, a key factor is making decisions that are fair.

I place great importance on education and acquiring new knowledge, but over the years I’ve come to believe that while these are necessary, they are not sufficient conditions for success. The ability to properly assess risks and make quick decisions is crucial–and that becomes possible only through experience.

What guides your decisions when evaluating candidates for leadership roles? With your years of experience, you probably have your own selection formula.

First of all, I highly value generational transition. We shouldn’t fear or avoid entrusting young people with greater responsibility. However, as I already mentioned, having theoretical knowledge or a diploma from a prestigious university doesn’t guarantee someone will be a good leader. Young people need time to gain experience, to make mistakes and learn from them, and also to learn from the mistakes of others.

As for being a leader, it’s not a given that a good employee will later become a good leader. What I’m about to say may not be pleasant for some, but the reality is that not everyone has a leadership aptitude or the ability to make decisions. Not everyone wants to, or is ready to, take responsibility for the decisions they make.

A leader cannot succeed by working just an eight-hour day. I personally work 14–16 hours a day. "If you truly live your work, you can't just leave it unfinished and go home simply because your 8 working hours are up. The most important component of my “selection formula” for leaders – or for employees in general – is first and foremost a caring, dedicated attitude toward the work.

You spoke about your criteria for selecting leaders in the private sector that you represent. In your opinion, what qualities should a public sector employee possess?

Dedication to work and a caring attitude are essential in any sector, whether private or public. Unfortunately, not all of our public officials today act in the interest of the state, just as not all private sector players prioritize the company’s success. Some people focus primarily on their own personal well-being, whereas the ultimate goal should be the development of the state–or the company, in the case of the private sector.

I believe the Ministry of Economy should have a special and vital role in the country’s economic development, since it is the institution responsible for drafting the economic roadmap and determining priority sectors. That’s why this ministry in particular must be staffed with knowledgeable, experienced, and responsive personnel. This is extremely important.

As someone who travels frequently, I always try to import and apply the positive things I’ve seen abroad into my own country. This should be the mindset of everyone – whether they are public officials or business leaders. By striving to do the best for our country, we should aim to implement the best practices of developed nations. We need a shift in thinking in Armenia. The concept of taxpaying must be properly understood and promoted, fostering a public mindset that sees the taxpayer as a creator of value.

What steps do you think are necessary for economic development in the country?

In recent years, significant reforms have indeed been carried out in our country. However, the pace of these changes sometimes slows, and priorities are reassessed. There are laws that are outdated, while ensuring the country’s development requires a legislative environment that fosters growth. Who should shape and develop that legal framework? Of course, the specialists in the field – by involving various experts and creating professional committees that can offer informed opinions on the matter. Legal instability also affects businesses, as frequent legislative changes hinder future planning.

The private sector is the driving force behind the country’s economic progress, hence legislative changes should support business development. After all, it is the private sector that generates state budget revenues and enables the implementation of social programs, thereby improving the population’s living standards, so all our efforts should be directed toward ensuring the welfare of our citizens.

“Get rich and enrich the state” – this well-known slogan lies at the foundation of every successful nation. By creating a legal environment that supports economic growth, the state must allow the private sector to prosper. In turn, a prosperous private sector will enrich the state – turning one into ten, small into medium, and medium into large. This idea should be the cornerstone of our country's development. Sadly, not everyone understands this yet.

And finally – what do you wish for the country’s rapid development, and for the well-being of yourself and your family?

Rapid development? Frankly, I find the idea of rapid development unrealistic. It’s better to move forward with small, yet steady and confident steps.

Naturally, I wish for peace in our country, because development is only possible under peaceful conditions – not just peace in our country, but throughout the region and the world. Every day, we witness wars around the world that lead to death, displacement, and destruction of so many people. If anyone truly knows the devastating consequences of war, it's us – we've experienced them firsthand. Peace is the most essential prerequisite today.

Personally, I need nothing; my large family is well provided for, and I find my peace and comfort with my grandchildren. My current goal is to further develop Armeconombank and our family-owned businesses. As one of the country’s major taxpayers, we strive to do more – to pay more taxes and contribute more to the state budget.

If our state ultimately succeeds in establishing lasting peace, and the country remains untouched by geopolitical turbulence, I will be deeply grateful and feel compelled to work a thousandfold harder to see our homeland flourish.