Creating a competitive and diverse Armenian economy is the main responsibility of the Ministry. Its objectives are to develop important sectors such as production and technology, agriculture, tourism, and energy, as well as improve the business environment to attract foreign investment and expand export opportunities. Additional guiding principles for the Ministry’s area of operation include innovation, economic efficiency, as well as partnership with private sector partners.
The ministry’s services
In order to assist enterprises and promote economic progress, the Department of Economy provides a wide range of programs and services. Among the essential services are:
Policy and strategy growth
To direct the growth of the country, the Ministry creates economic policies and strategies. This entails formulating laws and rules, developing sector-specific plans, and establishing long-term financial objectives.
Investment promotion
To encourage foreign direct investment (FDI), the Department offers incentives and advice via the Investment Support Center and other programs. Among the services provided are tax benefits, local partner connections, and legal and procedural assistance for investors.
Export development
The Ministry facilitates Armenian companies’ access to global markets. It promotes trade agreements, organizes trade shows, and gives companies export guidelines and market research to increase their competitiveness.
Business assistance programs
The Department carries out business support programs like:
SME support
It is mentorship, training, and financing for small and medium-sized enterprises (SMEs) provided by the Ministry.
Subsidies and grants
An entrepreneur who has businesses relating to technology, renewable energy, or agriculture could benefit from one of the government grants and/or subsidies administrated by the Department.
Digitalization and innovation
The Ministry promotes innovation by providing funding and assistance to digital firms and startups.
Promotion of tourism
The Department is in charge of the growth of Armenia’s tourism industry, improving infrastructure, highlighting cultural assets, and using marketing initiatives to draw in foreign visitors.
Global trade and collaboration
The Ministry negotiates trade contracts, takes part in regional economic projects, and speaks on behalf of Armenia in global economic fora.
Assistance with regulations and administration
Companies depend on the Department to advise them on licensing, regulatory compliance, and other administrative procedures that are essential to starting and running a business in Armenia.
When companies engage with the government
The Ministry of Economy engages with businesses in a variety of ways to help their operations and expansion. Entrepreneurs often contact the Department in the early phases of launching a firm to get advice on legal and administrative procedures, get licenses, comprehend tax laws, or apply for startup subsidies. It helps businesses seeking financial assistance—such as grants, subsidies, or low-interest loans—navigate the application process and determine their eligibility. Businesses looking to enter foreign markets may benefit greatly from the Ministry’s aid in creating export plans, making sure trade agreements are followed, and organizing trade show participation.
For information on Armenia’s investment prospects, incentives, and sector-specific policies that suit their needs, foreign investors also turn to the Department. Businesses go to the Ministry for assistance during times of economic hardship or upheaval, including tax incentives, financial help, and worker support. Furthermore, sector-specific initiatives encourage companies to work with this Ministry to take advantage of focused development programs or research possibilities, especially in the fields of technology, energy, and agriculture. All things considered, this Ministry of Economy is an essential business partner in Armenia, guaranteeing their prosperity and fostering the country’s economic development.
You may also find these articles helpful
Ministry of Finance of Sierra Leone
National Agency for Statistics and Demography (ANSD) of Senegal
National Statistics Institute (INE) of São Tomé and Príncipe
