Armenia's economy is growing despite instability and challenges in our region and globally. Prime Minister of Armenia Nikol Pashinyan stated this during a meeting with Egyptian businessmen as part of his official visit to Egypt on March 6.
According to Pashinyan, Armenia's number one economic characteristic is high economic growth: "In 2019, 2022, and 2023, we ranked among the top ten countries in the world in terms of economic growth. And this is despite instability and challenges in our region and globally," he said.
Over the past 6 years, tax revenues to Armenia's state budget have increased by approximately 92%, almost doubling, said Pashinyan, expressing hope that tax revenues to the state budget for this year will more than double.
"One of the interesting directions for investors could be state capital programs and the public investment sector as a whole. The government of Armenia is currently making capital investments in various sectors amounting to around $1 billion, which is a very high figure for Armenia and has more than doubled in the past six years," said the Armenian Prime Minister.
Pashinyan also informed businessmen about programs in Armenia to support potential investors, including those participating in government procurement.
"We have an economic modernization program, within which, for example, construction companies can acquire quality construction equipment, vehicles, and production equipment with the help of state subsidies.
"Armenia has great tourism potential, including for the Middle East. First is winter tourism, which can be very attractive to Middle Eastern countries. Several large investment projects to create ski and winter resorts are currently being implemented in our country. And this sector is aimed at attracting tourists from the eastern market to the Republic of Armenia.
There is also great potential in winemaking, overall we have great potential in the production and export of alcoholic beverages," said Nikol Pashinyan.
