Bordering Iran and Turkey is Armenia, a country not immediately thought of when thinking about doing business. The mountainous country has an inspiring history and has often been dominated by other countries. Today, the country has a parliamentary democracy and a population of about 3 million people (2020).

Business climate
Armenia's economy is vulnerable due to the closed borders with Azerbaijan and Turkey, which limits the possibility of trade. Armenia ranked 47th in the World Bank's ease of doing business ranking. Armenia stands out for its cost-efficient but highly educated labour force, for its more liberal banking climate and for its good investment climate.

Economic outlook
In the run-up to the Corona pandemic, Armenia experienced strong economic growth. For example, the economy grew by 7.5% in 2017, 5.2% in 2018 and 7.6% in 2019. The European Bank for Reconstruction and Development predicted that Armenia would experience a broad economic recovery from mid-2021. Thus, growth of 4% is predicted for 2021 and 5% for 2022.

Business opportunities



Agricultural sector

A lot of fruits and vegetables are produced in Armenia, which, together with the food processing industry, form an important sector. The sector is export-oriented. However, the production chain is outdated and offers opportunities for entrepreneurs to export modern equipment and technologies to Armenia.


The main agricultural products are cereals, potatoes, vegetables, grapes, cotton, sugar beet, tobacco, figs and olives. In addition, high-quality alcoholic refreshments are produced in Armenia.


Armenia is still mainly dependent on Russian oil and gas for its energy supply. In order to reduce its dependence, Armenia wants to build a second nuclear power station and increase its use of renewable energy sources. The renewable energy sources are often large construction projects for which foreign companies can apply through tenders.


There are many raw materials to be mined in Armenia, such as iron ore, copper, lead, zinc, molybdenum, gold, silver, tuff, marble, granite, basalt, limestone, semi-precious stones and many more. Currently, these raw materials are mostly exported, but Armenia would like to process them into semi-finished products on its own territory and export them. This transition requires knowledge and can be filled by Dutch entrepreneurs.


There is great potential in the area of tourism due to the numerous cultural and natural attractions. The tourist infrastructure is in development and offers many opportunities for import and investment. The government has also developed a plan for the next thirty years to give the tourism sector an extra boost.


There is a lot of construction going on in Armenia, but as with the agricultural sector, the machines, techniques and building materials are outdated. The government is encouraging the construction sector to build more, such as office buildings, hotels and houses. In addition, the growth in real estate is also creating a growth in demand for interiors. The opportunities in this sector, for both the cheap and luxury segments, will only increase in the coming years.


Since the Soviet era, Armenia has been at the forefront in the field of ICT. There is a lot of qualified personnel and the IT sector is developing rapidly. This offers companies the opportunity to export and invest, but also to outsource. In addition, ICT is a priority sector where stimulating government policies should lead to rapid growth of the sector.

Armenia can offer great opportunities for entrepreneurs, particularly in the fields of ICT, construction and the agricultural sector. Outsourcing is also an interesting option, partly due to the highly qualified personnel and low wages. We would be pleased to make a no-obligation appointment with you to discuss in detail the opportunities for your products or services.