Yerevan/Mediamax/. Professor of Economic Development Faculty in Kennedy School of Government Ricardo Hausmann opened the “secret of economic development” for the students of Economy faculties of Armenian higher educational institutions.

Mediamax reports that, on invitation of Armenian Minister of Economy Nerses Yeritsyan, former Minister of Economy of Venezuela Ricardo Hausmann arrived in Yerevan and delivered a lecture for Armenian students on the “Secret of Economic Development”.

Armenian Minister of Economy Nerses Yeritsyan noted that “today we live in a world, where the gained knowledge may lead us to prosperous future”. According to him, sober assessment of the situation is already half the path.

Nerses Yeritsyan stated that economic crisis showed the necessity of profound diversification of economy, development of capital market, provision of availability of funds, development of social infrastructures. Minister stressed that the pivotal value in these conditions is the human resource, and the deposit of success is in gaining knowledge.

Ricardo Hausmann noted in his lecture that the main secret of economic development is in economy diversification. He stressed that rich countries can produce and export more complex technologies and the poor countries should focus on simple but various products.