Armenia

Capital: Yerevan
Population: 2.968 million (2021) World Bank
Currency: Armenian Dram (AMD)
Time: UTC+4 (AMT)

With a Comprehensive and Enhanced Partnership Agreement with the European Union and as part of the Eurasian Economic Union, Armenia is in a unique position to be a regional economic hub.
Recently Armenia has made substantial improvements in tackling corruption, and has one of the most favorable legislative regimes for foreign investment amongst the region.

Mining is one of the cornerstones of the national economy, with over half of the exports from Armenia consisting of ore concentrates and metals.
Armenian mining businesses frequently rely on outdated equipment, with the majority lacking environmentally friendly technologies.
A number of new gold and iron ore mining projects are underway and will be operational in the next few years.
Due to increased public sensitivity and government attention to the potentially adverse impacts of mining, there are emerging opportunities for the provision of sustainable services and technologies.

After one of the first competitively tendered solar power plant projects in the region, Armenia has moved into large-scale solar energy integration. It has pledged to increase the share of solar energy 17-fold to 15%, and the share of zero-emission sources in total energy generation to 54% by 2030.
The government plans to increase the number of tenders for construction of solar power plants, with seven expected in the next few years alone.
The government has indicated potential opportunities for the development of two medium-sized hydropower plants. The country’s largest hydropower plant requires major rehabilitation. Armenia is also extending the life of its nuclear power plant and is planning to build a new nuclear reactor.

To learn more about the UK’s trade relationship with Armenia, visit hereopens www.gov.uk in a new tab and contact EECAN.ExportHub@fcdo.gov.uk to discuss the opportunities in the region.