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.
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