Business in Armenia. Armenian Economy Foreign Trade Exports

Course summary Doing Business in Armenia:

Armenia (Hayastany Hanrapetoutyun) is a country on the southern side of the Caucasus plateau at the crossroads of Europe and Asia. Armenia achieved independence from the Soviet Union in 1991.

Armenia was included in a list of countries with a high degree of economic freedom in 2011 occupying 36th place, higher than France, according to the annual survey "Index of Economic Freedom" conducted by the Heritage Foundation. Armenia’s economic freedom score is 69.7, making its economy the 36th freest in the 2011 Index.

The relations between the Republic of Armenia and the European Union, including the trade and economic cooperation are regulated by the Partnership and Cooperation Agreement (European Neighbourhood Policy (ENP) Black Sea Synergy (EU)). All three South Caucasus countries benefit from the EU's Generalised System of Preferences.

Armenia has Free Trade Regimes with Belarus, Georgia, Moldova, Kazakhstan, The Russian Federation, Ukraine, Uzbekistan, Tajikistan and The Kyrgyz Republic.

And Most-Favored-Nation Trade Regimes with Argentina, Bulgaria, Canada, China, Cyprus, EU, Iran, India, Hungary, Lebanon, Poland, Romania, Syria, Switzerland, Vietnam and USA.

At the same time Armenia is exploring the possibility of improving its economic relations with its neighbour Iran.

Armenia, along with Albania, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, the Russian Federation, Serbia, Turkey and Ukraine, is a member of the Organization of the Black Sea Economic Cooperation (BSEC). Armenia is member of Community of Independent States (CIS)

Example of the course Doing Business in Armenia:

Yerevan is the capital of the Republic of Armenia. The main trends of industry are manufacture of food products, including alcoholic beverages and chemical and metallurgy industry. Agriculture is mainly specialized in animal husbandry and plant growing.

The investment and trade policies of Armenia are considered to be the most open in the CIS by international organizations. Foreign companies are encouraged to invest and are entitled by law to the same treatment as local companies, moreover they have certain advantages. Armenia's investment climate is continuously improving with a strong government commitment to attracting FDI, including refining the legislative framework.

The Armenian Development Agency (ADA) was established in 1998 by the Government of the Republic of Armenia to facilitate foreign direct investments and promote exports.

Neighboring Countries: Georgia, Azerbaijan, Iran, Nakhijevan (Azerbaijan) and Turkey.

Armenia’s population is 3.2 million with an annual growth rate of 1.4 %. Ethnically, Armenia is a homogeneous country with 96% Armenians.

Armenian is the official language and is spoken by 99% of the population. Russian dominates as the second language.