H.E. Mr. Vahagn AFYAN, Ambassador of Armenia to India, shares his insights on Armenia with TravelJingles Media.
India and Armenia share a longstanding relationship marked by cultural ties, mutual respect, and growing diplomatic engagement. As Armenia advances its economic modernization and India seeks to expand its global investment footprint, the bilateral trade and investment landscape is poised for substantial growth. Armenia’s liberalized economy, favourable investment regime and strategic geographic position between Europe and Asia make it an attractive partner for Indian investors, across multiple high-potential sectors.
The country has emerged as a resilient economy in the South Caucasus region with stable macroeconomic indicators and a strong commitment to open-market principles. The nation’s GDP grew by 5.9% in 2024, driven by robust domestic activity and an expanding export base. With investment freedom ranked 30th globally and economic freedom ranked 47th, Armenia stands out among CIS nations for its pro-business orientation and liberal regulatory environment.
The country’s ‘open-door’ policy toward foreign investment ensures full legal protection under its Law on Foreign Investments. In addition, Armenia is a member of the Eurasian Economic Union (EAEU), enjoys GSP+ status with the European Union, and maintains preferential trade arrangements with the US, Japan, Canada, and others—providing seamless access to over 1 billion consumers.
High-Tech and IT Sector, Agriculture and Agritech, Manufacturing and food Processing, Pharma, and Tourism and Hospitality, are the key investment sectors. It is rapidly becoming a tech powerhouse in the region. With 114.5% YoY growth in 2024, the IT sector now contributes 5.6% to national GDP. Agriculture accounts for 7.9% of Armenia’s GDP, with strengths in organic farming, viticulture, and greenhouse technology. The government supports investors with customs exemptions and infrastructure development.
Armenia’s tourism industry is flourishing, guided by progressive policies such as the law ‘On Tourism and Touristic Activities’ and the Tourism Development Plan. These initiatives aim to leverage the country’s historical, cultural, and natural resources to offer world-class tourism products and services.