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.
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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.
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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.
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