Practical Tips for doing business in Armenia
Business dress is similar to that of the US.
It is customary for Armenian hosts to introduce guests first.
Normally, a name is given formally in 3 parts - title, surname and given name, in that order.
Establishing personal relationships is important.
Be punctual for meetings.
Avoid personal matters and religion in conversations.
Generally, Armenians are very friendly.
Do not be direct.
Gifts are expected, wrapping is preferable. Office type gifts are best choices, e.g., pen sets and paper weights.
If given a gift, do not open it in public.
Expect many toasts at meals, etc.
Armenia has had a long history of being ruled by many empires e.g., Romans, Persians, Arabs, Mongols, Ottoman, Russian, etc. They declared their independence from the old Soviet Union in 1990 and became officially independent in 1991.
Note: Arsacid Armenia was the first sovereign nation to accept Christianity as a state as a state religion in 301.
Southwestern Asia between Turkey in the west and Azerbaijan.
Note: Armenia views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East or both.
Government: Parliamentary democracy
A US Generalized System of Preferences (GPS) country
Capitol City - Yerevan
Literacy Rate: 99.79%
Size: Slightly smaller than Maryland
Population: 3M (2022 est.)
Population Growth Rate: -0.38% (2022 est.)
Population Distribution: Most of the population is in the north. Yerevan has 5 times the population of the second largest city – Gyumri.
Armenia is attempting to diversify its economy but is dependent on food and beverage products and mining.
Unemployment Rate: 20.90% (2021)
Currency Exchange Rate: 1 US Dollar = 402.94 Armenian Dram (10/14/22)
GDP: $13.7B (2019 est.)
Labor Force: 1.2M (2021 est.)
Labor Force Breakdown: Agriculture - 36.3%, Industry - 17%, Services - 46.7% (2013 est.)
Major Industries: Agriculture, mining, tourism, textiles and apparel, IT, jewelry, chemical, banking
Total Product Exports (2020)
Major Product Exports (2020)
Copper - $739M
Gold - $464M
Rolled Tobacco - $241M
Hard Liquor - $202M
Ferroalloys - $149M
Major Product Export Partners (2020)
Russia - $671M
Switzerland - $594M
China - $323M
Iraq - $164M
Bulgaria - $151M
Total Product Imports (2020)
Major Product Imports (2020)
Petroleum Gas - $392M
Refined Petroleum - $223M
Broadcasting Equipment - $114M
Packaged Medicines - $102M
Diamonds - $82.4M
Major Import Partners (2020)
Russia - $1.48B
China - $550M
Iran - $295M
Germany - $229M
Turkey - $225M
English Language Online News Sites
Aravot - general news - www.aravot-en.am
Sampling of Companies
Ararat Cement - building materials & fixtures - www.araratcement.am - Ararat
Avshar Wine Factory – wine - www.avshar-wine.am - Avshar
CJSC MIKA - cement - www.mika-cement.am - Hrazdan
Jermuk- mineral water - www.jermukgroup.am - Jermuk
Kotayk Brewery- beer - www.multigroup.am - Abovyan
Multi Group Store - mineral mining & processing - www.stone.am - Ararat
Rusal Armenia - aluminum foil - www.rusal.com - Yerevan
Note: Owned by Rusal (Russia)
Yerevan Ararat Wine Factory - brandy and whiskey - www.brandy.am - Yerevan
Yerevan Computer Research and Development Institute - IT and software - www.mergelyan.com - Yerevan
Zangezur Copper and Molybdenum Combine – mining - copper & molybdenum - www.zcmc.am - Kapan
eWorks LLC- software - www.e-works.am - Yerevan
National Holidays - 2022
January 1 - New Year's Day
January 2-4 - New Year's
January 5-6 - Armenian Christmas Eve
January 28 - Army Day
March 8 - International Women`s Day
April 17 - Easter Sunday
April 18 - Easter Monday
May 1 - Labor Day
May 9 - Victory and Peace Day
May 28 - Republic Day
July 5 - Constitution Day
September 21 - Independence Day
December 31 - New Year’s Eve
By Paul Mastilak