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Embassy of India
Yerevan
***
General Information.
Republic of India and Republic of Armenia have a long standing history of mutually beneficial relationship in almost all areas of cooperation. Being one of the pioneers to establish diplomatic relations with the newly independent Republic of Armenia in 1992, the ties have strengthened and deepened for the past 3 decades. From military to culture, from precious stones to food, the cooperation between the 2 republics is perhaps one of the most intense ones.
Armenian Indian relations have strong ties dating back to the 16th century. During Soviet times, Indian President Sarvepalli Radhakrishnan and Prime Minister Indira Gandhi visited Soviet Armenia in 1964 and 1976, respectively. In August 1992, India became one of the first countries that established a diplomatic relationship with Armenia. Presidents Levon Ter-Petrosyan and Robert Kocharyan visited India in 1995 and 2003, respectively. President Serzh Sargsyan visited India in 2017. Minister of Defense Suren papikyan visited India in 2022. Minister of Foreign Affairs Ararat Mirzoyan visited India in March 2023. Vice-President and Speaker of the upper house of the Parliament Bhairon Singh Sekhawat visited Armenia in 2005. Vice-President and Speaker of the upper house of the Parliament M.Hamid Ansari visited Armenia in 2017. Minister of External Affairs Subrahmanyam Jaishankar visited Armenia in 2021.
Economy:
Under the old Soviet central planning system, Armenia had developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Since the implosion of the USSR in December 1991, Armenia has switched to small-scale agriculture away from the large agro industrial complexes of the Soviet era. The agricultural sector has long-term needs for more investment and updated technology. Armenia is a food importer, and its mineral deposits (gold and bauxite) are small. The ongoing conflict with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh (which was part of Soviet Azerbaijan) and the breakup of the centrally directed economic system of the former Soviet Union contributed to a severe economic decline in the early 1990s.
By 1994, however, the Armenian government had launched an ambitious IMF-sponsored economic liberalization program that resulted in positive growth rates in 1995–2005. Armenia joined the World Trade Organization (WTO) in January 2003. Armenia also has managed to slash inflation, stabilize its currency, and privatize most small- and medium-sized enterprises. Armenia's unemployment rate, however, remains high, despite strong economic growth.
The economy of Armenia grew by 12.6 per cent in 2022, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
Until independence, Armenia's economy was based largely on industry—chemicals, electronic products, machinery, processed food, synthetic rubber and textiles; it was highly dependent on outside resources. Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel from Russia, including gas and nuclear fuel for Armenia's Metsamor nuclear power plant. The main domestic energy source is hydroelectric. Small amounts of coal, gas and petroleum have not yet been developed.
Armenia’s geographical proximity to Europe, Russia, Central Asia and Middle East and free trade agreement with CIS member countries gives access to mln people market. GSP trade regime with USA, Canada, Switzerland, Japan and Norway are also making Armenia attractive market.
Economic and Commercial Ties: 2020-2025
Recent years have seen exponential growth in bilateral trade relations, with huge increases in export and import figures.
S.No |
Year |
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
1 |
India’s Exports to Armenia (USD mn) |
54.6 |
54.5 |
80.7 |
133.8 |
123.8 |
150.8 |
2 |
India’s Imports from Armenia (USD mn) |
73.4 |
126.6 |
99.4 |
33.5 |
36.4 |
85.1 |
3 |
Total Trade |
128 |
181.1 |
180.1 |
167.3 |
160.2 |
235.9 |
(Source: Statistical Committee of the Republic of Armenia)
TOP 5 ITEMS OF IMPORTS FROM INDIA IN 2025.
S. |
Commodity |
4-digit HS Code |
Value |
1. |
Military weapons |
9306 |
128.07 |
2. |
Unmanufactured tobacco |
2401 |
70.47 |
3. |
Arms and Ammunition |
9305 |
33.1 |
4. |
Vehicles |
8704 |
5.22 |
5. |
Bovine Meat |
0202 |
3.2 |
TOP ITEMS OF EXPORT TO INDIA IN 2025
S.No. |
Commodity |
4-digit HS Code |
Value |
1. |
Gold |
7108 |
100.98 |
2. |
Precious and Semi-precious stones |
7103 |
0.52 |
3. |
Unwrought Lead |
7801 |
0.22 |
4. |
Medical Instruments |
9018 |
0.14 |
(Source: DGFT)
Opportunities for Indian companies:
Pharmaceuticals and Healthcare:
Armenia’s health care system features three principal components: the national or “republican” service level, which provides tertiary care hospitals and an epidemiological service; the regional service level, which provides hospitals; and the municipal and community service level, which has primary health care providers. The key components of the system are the large private hospitals. Socially vulnerable and special-status social groups are provided with Medicare, including services for the disabled, children under 18 without parental care, victims of political repression, military personnel, expectant mothers, victims of traffcking, and children under age seven, among other groups. These groups also receive free or discounted medicine. Heart surgery, therapy, dentistry and other medical specialties are currently being improved in the country. Implementation of a mandatory medical insurance system began in 2012, which will further boost the development of the healthcare system. All above mentioned factors make Armenian market very attractive for Indian Medicaments exporters which is shown in recent trade figures, import from India increased from 3 mln USD in 2020 to 4.6 mln in 2021 USD.
Mines and Minerals:
The subsurface of Armenia is rich in certain mineral resources. More than 480 deposits of a range of mineral resources have been discovered here. Mining is a key contributor to the Armenian economy and is one of the fastest growing exporting sectors in recent years, with ores and metals accounting for over half of the country's exports. Armenia has rich deposits of iron, copper, molybdenum, lead, zinc, gold, silver, aluminum, and nepheline syenite.Currently there are seven copper-molybdenum mines, three copper mines, thirteen gold and gold-polymetalic mines, two polymetalic mines and two iron-ore mines operating in Armenia. Environmental safety is among the key challenges for the sector. In view of this, the state will give preference to the use of most up-to-date and safe technologies when approving the mine development programs. For more information visit the following link: http://www.minenergy.am/
IT
Information and telecommunications technology (ICT) revenue accelerated the y-o-y growth rate from 2.8% to 7.4%, providing a revenue volume of 344.7 billion drams (about $684.3 million).
According to the data of the RA Statistical Committee, the services sector dominates in the indicated total volume, which accounts for 88.8% or 306.1 billion drams (y-o-y growth of 10.9%), of which the largest part is represented by information technology - 167.7 billion drams (growth by 17.8% per annum), and the telecommunications segment accounts for 132.1 billion drams, which is 3.9% higher than the indicator of a year ago.
The manufacturing segment traditionally accounted for the smallest part - 2.4 billion drams alone (or 0.7%), with a yo-y growth of 8.9%.
- ICT and high-tech sectors are one of the growth drivers of the Armenian economy. In last 5 years with double digit growth, the output of this sector increased 4.3 times.
- With the average annual productivity of USD 48,000 per technical employee, the sector is considered one of the most productive sectors. During last years the number of employees in the sector significantly increased, particularly, the number of technical staff has almost doubled.
- Armenian IT companies specialize in mobile and cloud solutions, embedded software development and semiconductor design, customized software and outsourcing, financial software, multimedia, web design, information systems and system integration, etc.
- Tax privileges for IT companies, Individual entrepreneurs.
Jewelry and Diamond Processing
- Ancient jewelry making traditions in Armenia.
- Skilled labor force incorporating recently arrived Armenians from Syria, Low labor cost, considerable number of sector players (10000 jewelers).
Strong comparative advantage
- Positive image of Armenian Jewelry in certain export markets.
- Favorable tax conditions in Armenia (Free Economic Zone: Alliance and Meridian). - Absence of Duties on import from jewelry items from Armenia in main target markets. Armenia
Beverages and Winemaking
- Steady growth of production, sales and exports in the last few years.
- Strong comparative advantage: Armenia is the 5th global exporter of grape brandy, and the top exporter among CIS regions.
- Long time traditions, strong know-how, professional education (Wine Academy). - Many producers (farmers) and open market.
Food Processing
- Long established tradition of producing high quality processed food.
- Export oriented and diverse agro-food processing sector.
- Developed logistic and distribution services.
- Effective food safety system based on international standards.
- Favorable and unique soil and climate conditions for growing of agricultural species.
- Seven research institutions, one higher education and research activities in food processing sector.
- Estimated to be worth USD 900 million, sector is one of the largest industries
in Armenia, directly employing about 21,000 people.
Tourism Sector
- 15-20% annual growth of the number of incoming tourists
- Second home for around 8 million Armenians living in different countries - More than 5000 historical monuments spread around the country, some included in UNESCO World Heritage
- The longest ropeway in the world “Wings of Tatev” - 5.7km
- Ski resorts – Tsakhkadzor with modern 6 lifts rope-way
- Mineral Spa resorts – Jermuk, Bjni, Dilijan, Arzni
USEFUL LINKS
https://investin.am/
https://enterprisearmenia.am/
https://investinarmenia.org/en/home/
https://usa.mfa.am/en/invest
https://www.spyur.am/
https://www.src.am/en
