Business Travel

 

Useful advice and information for business travelers
According to the World Bank, Armenia has been ranked first among the countries of the Commonwealth of Independent States (CIS) in terms of attractiveness for foreign direct investment (FDI). Since the fall of the Soviet Union in 1991, Armenia has made great strides towards liberalizing its economy. Armenian government has set up favorable conditions and laws to attract FDI and the country has earned the nickname "tiger of the Caucasus" for its economic dynamism. However, FDI fell as a result of global economic crisis and is now struggling to regain the level of 2008. In 2014, it amounted approxumimately USD 359 million (January-September). The country remains heavily dependent on the economic health of Russia and the EU countries.
Russia, Greece, Cyprus and Germany are among the largest investors in Armenia. The main sectors capturing these investments are energy, telecommunications, metallurgy, hotel services and air transport. Significant investments are also made by the Armenian communities living outside the country (nearly 6 million people).
The crisis has left a strong impact on foreign investment flows, however the support of international institutions allows investors to maintain their confidence in the country.


Why invest in Armenia?
The strong points
The attractiveness of the country is linked to its economic growth over the past decade and series of reforms. The key factors are the following:
- Specific geographical location allows an access to any of the former Soviet republics;
- A consderably skilled and relatively cheap workforce;
- An economy with evolving areas for foreign investment (eg, telecommunications, IT, pharmaceuticals, mining, renewable energy);
- A desire to normalize relations with Turkey, suggesting a possible opening of the border.


The measures implemented by the government
The Armenian government is aware of the need to create a more attractive business environment and targeted efforts have been made to encourage foreign investment, necessary for development of economy of the future. Several laws aim to the reduction of poverty and corruption came into force, as well as others, specifically related to business environment reforms. They include:
- Equal treatment for foreigners;
- Access to the property without limit for foreigners;
- The free repatriation of profits;
- A government intervention and a limited deregulation.



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