Armenia: Doing business and staying in touch

Doing Business in Armenia

Business is generally conducted formally, and visitors should dress smartly. Appointments are necessary.

Office Hours

Mon-Fri 0900-1800.

Economy

The Armenian economy is hobbled by the closed borders with Turkey and Azerbaijan, factors that cause high import prices. Nevertheless, GDP growth is a robust 13% and Armenia has been labelled a 'Caucasian Tiger' for its economic advances.

Mineral deposits including copper, zinc, gold, marble, bauxite and molybdenum have brought some foreign revenue and investment, although this sector is relatively undeveloped. The industrial sector comprises textile and chemical industries, aluminium production and some mechanical engineering. Remittances, which make up 10% of the economy, have triggered some of the growth. In rural areas, many people rely on subsistence agriculture.

The privatisation programme, launched in the mid 1990s, has been extended to include major parts of the national infrastructure, such as the electricity grid. The volume of foreign investment is growing, despite concerns about widespread corruption and poor financial controls.

GDP

US$10.55 billion (2016).

Main exports

Diamonds, machinery, metal products and food.

Main imports

Natural gas, petroleum, tobacco products, food and diamonds.

Main trading partners

Russia, Belgium, Netherlands, Iran and Israel.

Keeping in Touch in Armenia

Telephone

IDD calls can be expensive but in Yerevan some private phone offices offer cheaper Internet calls.

Mobile Phone

Roaming agreements exist with some international mobile phone companies. ArmenTel and VivaCell are the local carriers. Both are similar and offer phone coverage to most parts of the country.

Internet

Available in large cities and resorts. There are many Internet cafes in Yerevan. Some are open 24 hours.

Media

Armenian government oversees national TV and radio. Libel and defamation are punishable by prison terms, and journalists have been sentenced under these laws in the past. All print and broadcast media must register with the Justice Ministry. Self-censorship is common. Noyan Tapan is an English-language weekly circulated primarily among the foreign missions and small foreign business community.

Post

International postal services are available to most countries but may be slow and unreliable, although there have been significant improvements in recent years. The main post office is located at Republic Square, Yerevan.

Mon-Fri 0900-1700.