Identifying a supplier in Armenia

Industrial and Manufacturing Profile

Armenia's industrial sector contributes 45% to the GDP. Agriculture, IT sector, Electronics and Precision Engineering, Mining, Chemical and Pharmaceuticals, Jewelry and Diamonds processing, Textile and Clothing constitute the main industries.

Armenia's IT sector receives significant attention as a possible growth industry. It currently employs between 3,500 and 4,000 people. Besides, productivity is high and wages low in comparison with Europe and the USA, and the level of education is quite high, thus making this sector quite competitive.

The clothing sector shows also great prospects. Cheap labor, existing factories and a positive trade regime (including free access to CIS markets) create favorable conditions for investment in light industries like textiles, carpets, footwear and apparel.

Construction has been the leading sector of the economy for the past six years. The sector accounts for 26% of the country's GDP. Growth in construction is mainly driven by an increased demand for higher quality housing funded primarily by remittances. Diaspora Armenians seeking a base in Armenia have also significantly contributed to the sector's demand.