Tourexpi
"Tourism
Doing Business – Investing in Armenia" guides investors and tourism
professionals seeking in-depth knowledge about Armenia's tourism sector. It
allows them to make informed decisions by showcasing Armenia's unique cultural
heritage, robust economic growth, and supportive business environment.
UN
Tourism Secretary-General Zurab Pololikashvili says: "Armenia is a rising
tourism destination. At the same time, its dedication to economic reforms,
infrastructure development, and the promotion of foreign direct investment has
positioned it as the fastest-growing economy in Europe. These new Guidelines
underscore Armenia's commitment to fostering a conducive environment for
international capital and showcase the opportunities the country's tourism
sector offers to investors everywhere."
Armenia:
An Attractive Destination
Over
recent years, Armenia has enjoyed notable growth as a tourist destination.
International tourist to the country reached 2.3 million in 2023, a 22.3%
increase from 2019. This growth significantly outpaces the regional average in
Central and Eastern Europe. Additionally, international tourism receipts in
Armenia reached USD 3 billion in 2023, a 97% increase on 2019. The Guidelines
explore the factors that help make Armenia such an attractive destination for
both tourists and investors, including:
Location: Armenia
is strategically located at the crossroads of Europe, Asia, and the Middle
East, serving as a gateway between these regions.
Accessibility: The
country offers a visa-free entry policy for citizens of approximately 70
countries
Connectivity: Armenia
provides direct flights from over 50 cities across Europe, the Middle East, and
Asia. Its principal airports collectively handle over 4 million passengers
annually.
UN
Tourism Executive Director Natalia Bayona says: "Recent years have
seen Armenia exhibit remarkable economic resilience and growth. International
tourist arrivals are up almost 25% on pre-pandemic levels, while the arrival of
investments across all sectors further illustrates the confidence in Armenia's
tourism potential. We are proud to be working with Armenia to showcase it as an
investment destination through these latest Guidelines from UN Tourism."
Opportunities
for Investors
Foreign
Direct Investment (FDI) inflows totalled close to USD 1 billion in 2022, the
highest on record. This trend continued into 2023, with FDI totaling USD 443
million according to UNCTAD. Furthermore, recent updates from Armenian
authorities suggest that the figure for 2023 is around USD 580 million,
reflecting growing international confidence in Armenia's market.
The
new Guidelines analyse the factors contributing to make Armenia, and its
tourism sector, an attractive proposition for foreign investors, most notably:
Economic
growth and stability: Armenia enjoyed GDP growth of 8.7% in 2023, the
fastest in Europe, with expectation growth of 6.0% in 2024. The economy has
also experienced steady expansion driven by strategic sectors such as tourism,
IT, and agriculture. The Central Bank of Armenia has successfully
maintained low and stable inflation rates, while the country also boasts a
highly educated workforce with a literacy rate exceeding 99%.
Favorable
climate: The Foreign Investments Law allows unrestricted foreign capital
participation, ensuring equal treatment for foreign and domestic investors. The
government offers attractive tax incentives, such as VAT exemptions for tourism
services and significant tax breaks for operators of tourist accommodations.
Strategic
partnerships: Membership in the Eurasian Economic Union (EAEU) provides access
to a single market of approximately 185 million consumers. The EU-Armenia
Comprehensive and Enhanced Partnership Agreement (CEPA) also strengthens ties
with the European Union.
Image
Credit: © UN Tourism
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