EU4Business Countries Armenia

Armenia

Armenia offers a favorable environment for starting businesses, with minimal procedures and a short timeframe. The country has a thriving entrepreneurial spirit, surpassing the EU average in early-stage entrepreneurial activity.

However, challenges include a financial gap for SMEs, lower productivity compared to some countries, and an imbalance in foreign trade, with more SMEs involved in importing than exporting.

The EU has been actively aiding Armenian SMEs via the EU4Business initiative. In 2024, 40 diverse projects with a combined budget surpassing EUR 177.1 million benefited 11,853 SMEs. These efforts resulted in the generation of around 27,313 new jobs and a notable 17.2% increase in the total turnover of SMEs in Armenia.

Results in 2024

To meet such challenges, the EU has been actively aiding Armenian SMEs via the EU4Business Initiative. In 2024, the initiative funded 40 diverse projects with a total of over EUR 177.1 million, benefiting 11,853 SMEs. Together, the projects generated around 27,313 new jobs and drove a notable 17.2% increase in the total turnover of SMEs in Armenia.

€177mln

total budget of EU support

projects

11,853

SMEs supported

51%

women owned

27,313

new jobs created

€232mln

extra income generated by EU-supported SMEs

data for armenia
2024

If you want to find out more about EU4Business in Armenia, check out the local website

https://eu4business.am