Business Webinar on “Armenia 2024: Economic Update, Business Opportunities”

15 February, 2024

Welcoming remarks by H.E. Andranik Hovhannisyan, Ambassador of the Republic of Armenia to the Swiss Confederation

at a Business Webinar on “Armenia 2024: Economic Update, Business Opportunities”

Your Excellency Ambassador Rosenkranz,

Distinguished Director Sallis,

Ladies and Gentlemen,

I would like to thank for this opportunity to speak at the opening of this event. At the outset allow me to appreciate the combined efforts of the Joint Chamber of Commerce Switzerland-Eastern Europe, Central Asia, South Caucasus (JCC) and Switzerland Global Enterprise (SGE) for organizing this insightful event. Your dedication to promoting bilateral trade and investment is commendable. I also extend my heartfelt gratitude to all the participants of this webinar both from Switzerland and Armenia for joining us today. Your presence reflects your commitment to fostering bilateral business and commerce collaboration.

Ladies and Gentlemen,

I am sure today you will hear presentations that will enter into the details of Armenia’s economy, business opportunities and investment climate. Let me add only couple of highlights that would probably help in identifying better the overall environment.

First, it’s about Armenia’s democratic profile. The business and economy in Armenia operate in a free and democratic atmosphere where the rule of law and human rights commitments are respected and preserved. Needless to say, how important this is from the investors and businesses point of view. It’s one thing to deal with the country with the democratic traditions, it’s completely different where the democracy is lacking. Democracy comes with predictability and guaranties inherent to its values. Let me bring you some references in this regard. For several years in a row Armenia is ranked as the most democratic country of the region by such indexes as the Economist Intelligence Unit. On corruption perception index of the Transparency International Armenia is ranks 62^nd and on Heritage Foundation’s Index, Armenia’s economic freedom ranks 50^th. In both cases Armenia is ahead of even some countries of the European Union. Indeed, there is a room for improvement. Plus, Armenia is internationally ranking among the 10 most secure countries in the world. Switzerland, is a good example in this regard - always occupying top positions on the lists, but we too are trying to do our best.

The Government of Armenia is carrying out deep and comprehensive reforms of the business environment providing favorable investment and business opportunities. It is worth to mention that according to IMF Armenia’s economy grew by 10.5 percent in the first half of 2023. GDP growth reached 7 percent in 2023. This has put Armenia among the most rapidly growing economies of the world and testifies to the efficiency of the Government reform program.

Nowadays, Armenia is a country of opportunities with a modern, well-educated, hard-working human capital, and enjoys various models of cooperation with a number of countries. The country's membership in various international organizations and free trade agreements enhance its attractiveness for businesses looking to access markets in the Eurasian Economic Union, the European Union, and beyond. Armenia enjoys GSP preferential trade regime with Switzerland, Japan, Norway, Canada and USA.

Last but not least, Armenia boasts of having historically strong entrepreneurial traditions that do not limit only to the Republic of Armenia but of a seven million strong Armenian diaspora that is closely connected to the ancestral homeland and bridges hundreds of countries worldwode with Armenia including by providing enhanced business opportunities.

Second, nestled in the South Caucasus, Armenia occupies a strategic location at the crossroads of Europe and Asia. Recently the Government of Armenia has introduced “The Crossroads of Peace” project, which seeks to rebuild new cooperation in the region and foster mutual understanding among nations, by actively engaging with neighbours and international partners. It includes infrastructure development - roads, railways, pipelines, cables and electricity lines. It serves as a reminder to humanity of the importance of peaceful coexistence. This project promises to largely enhance Armenia’s business attractiveness, of course, if underlying political challenges are solved.

In conclusion, we highly appreciated to learn that Swiss business mission to Armenia is planned on the occasion of the EBRD Annual Meeting in May. I am not sure if among the participants of this event there are members of the said mission, however, I would like to take this opportunity to specifically encourage them to participate in the "Host Country Investment Outlook Session" to be held in the framework of the meeting, during which the issues related to the investment and business environment of Armenia will be discussed.

I thank you and wish fruitful deliberations.

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