Armenians are proud of their country’s ancient roots. The first Armenian kingdom was established in the ninth century BC, around the same time as the Etruscans founded their first kingdom. The Etruscans are long gone, but the Armenians are still there.
Today, this ancient land is one of the world’s fastest growing economies. Before independence, Armenia was highly reliant on industry – exporting textiles and machine tools throughout the Soviet Union and abroad. Industry has undergone privatisation at a slower rate than in other former Soviet states.
Mining is an important industry, accounting for around 30% of Armenian exports. Armenia is an important exporter of gold, copper, lead and zinc. In addition, the country exports many materials used in industry, such as basalt, granite, gypsum and limestone. During the last five years the exports of Armenia have increased at an annualized rate of 8.7%.
Around 46% of the country’s workforce is employed in the service sector. There is potential for growth in Armenia’s tourist sector, which at present accounts for 28% of GDP. Commonly referred to as an ‘open air museum’, the Armenian landscape is studded with historic landmarks, including many world-famous churches and monasteries. Despite its small size, Armenia is home to four UNESCO world heritage sites.
Armenia has a large diaspora, and remittances from Armenians living in Russia, Europe and the USA make an important contribution to national income. Russia remains Armenia’s most important economic partner, receiving around a quarter of all Armenian exports.
Based in Yerevan, the capital of Armenia, our team of experienced staff are ready to assist anyone seeking to invest in this fascinating country.
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