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 2022, 29 diverse projects with a combined budget surpassing EUR 135.22 million benefited 6,818 SMEs. These efforts resulted in the generation of around 9,311 new jobs and a notable 36% increase in the total turnover of SMEs in Armenia.

Results in 2023

To meet such challenges, the EU has been actively aiding Armenian SMEs via the EU4Business Initiative. In 2023, the initiative funded 37 diverse projects with a total of over EUR 169.2 million, benefiting 6,116 SMEs. Together, the projects generated around 18,294 new jobs and drove a notable 28% increase in the total turnover of SMEs in Armenia.

€169mln

total budget of EU support

projects

6,116

SMEs supported

39%

women owned

18,294

new jobs created

€237mln

extra income generated by EU-supported SMEs

data for armenia
2023

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

https://eu4business.am