Armenia will need to increase the levels of foreign and domestic investment to achieve the Government’s vision of fighting poverty and unemployment through a structural transformation of the economy. Potential exists to expand several industries, but investment policy reforms and a more significant investment promotion effort are required.

Beyond measures to tap the export potential through investment, the IPR underlines specific measures for creating employment and linkages with local suppliers, including by moving to full package manufacture in the textiles and garments industry, and extending benefits of tourism to areas outside the capital Yerevan. It also shows ways to deepen the high-technology sector and make Armenia a leading hub for innovation, data science and artificial intelligence, and outlines how to extend research and development capability in the pharmaceutical industry to transform a small generics industry into larger-scale manufacturing.