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- Armenian mining businesses frequently rely on outdated equipment, with the majority lacking environmentally friendly technologies.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.