India - Armenia Business and Cultural Council

Ambassador and Consul General

The Global India Business Forum (GIBF) team met the Ambassador of the Republic of Armenia to the Republic of India H.E. Mr. Vahagn Afyan and shared about GIBF’s activities, initiatives, motto and work done till date to promote economic growth of all the countries. Founder and Global President of GIBF, Dr. Jitendra Joshi and Co-founder and Secretary General, Deepali Gadkari felicitated the ambassador and presented a memento to him. They unanimously agreed to work in collaboration for uplifting the economies of their respective countries.

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Exports

Metals, Diamonds, Beverages, Vegetables, Energy

Imports

Oil, Natural gas, Cereals, Rubber manufactures, Electrical machinery

About Armenia

Armenia, also officially called the Republic of Armenia, is a landlocked country located in the South Caucasus region of the continent Eurasia. The country shares its borders with Turkey, Georgia, Azerbaijan and Iran. Armenia is a developing country as of now and the economy of Armenia is dependent primarily on industries and extraction of minerals. In the OECD FDI Regulatory Restrictiveness Index, Armenia secures the 9th position among 83 countries, reflecting its transparent and conducive regulatory framework for foreign investments. Similarly, Armenia ranks 47th in the Economic Freedom Index among 176 nations. Armenia's economic relations are characterized by diversity and inclusivity, with a wide array of trade agreements and partnerships that foster economic growth and collaboration. Noteworthy among these are the Trade and Investment Framework Agreements with the USA, the Comprehensive and Enhanced Partnership Agreement with the EU, and membership in the Eurasian Economic Union. The currency of Armenia is Armenian Dram and the total land area of the country is 29,743 sq. km. The capital of Armenia is Yerevan and the official language of Armenia is Armenian.

Business Oppotunities In Armenia

Armenia has

large reserves

of copper ores, gold, etc. Also, the country produces cigars and alcohol which are exported all across the globe. Jewellery articles and related parts are also other important exports of Armenia. The country also produces

electrical energy

and exports the same. These sectors, therefore, can bring in a lot of business opportunities for Armenia and other countries interested in investing in the landlocked country. The country also imports a lot of

energy resources

such as oil, natural gas, etc. These products can act as attractive business opportunities for countries interested in investing in Armenia’s energy sector.

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Exports and Imports In Armenia

Armenia has a structural trade deficit, estimated at 1% of GDP in 2022, compared to 7.9% one year earlier (World Bank). According to figures from the WTO, in 2022, Armenia exported goods with a total value of USD 5.3 billion (+77.3% year-on-year), while it imported goods worth USD 8.7 billion (an increase of 63.7%)..

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Top Exports Of Armenia

The top exports of Armenia are metals and diamonds, along with energy, beverages, vegetables and fruits. The main export partners of the country are Russia, Germany, Iran, Bulgaria, the Netherlands, the USA, Spain, Canada and Belgium.

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Top Imports Of Armenia

The top imports of Armenia are oil, natural gas, cereals, rubber, cork, wood and electrical machinery. The main import partners of Armenia are Russia, China, Ukraine, Iran, Germany, Italy, Turkey, France and Japan.

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