Armenia’s Business Landscape and Networking Events
There is a misconception held by many Diasporan Armenians around the world that Armenia is still trapped in the “Dark and Cold” years.
Nothing could be further from the truth.
Since its Independence, Armenia has shown the world what the hardworking spirit of Armenians can accomplish and has growing industries in agriculture, tourism, renewable energy, and leads the charge in IT. Many repats are encouraged to find such vibrant industries in the once struggling nation, and to have turned the tides so quickly, is a miracle.
The uptick in growth has established an economy that is primed for an even bigger economic boom. As more and more eyes turn to Armenia, investors also start to look to Armenia, giving repats more opportunities to find their niche in any one of up and coming industries in Armenia.
Agriculture
Armenia has over 8,000 square miles (or 21,000 square kilometers) of agricultural land with 97% of it being family owned farms, which means, almost no corporate oversight. This means that there is a huge opportunity for repats to buy land in Armenia and start their own agricultural business.
The Armenian government has plans to modernize the agricultural economy in Armenia over the next 10 years by introducing new technologies such as irrigation systems. There is also a push towards greenhouse farming and orchards. The growing demand for organic crops, Armenia’s reputation for great wines, and some of the best summertime fruits in the world, makes this the perfect time to buy some land and build that vineyard or orchard you have always dreamed about.
Tourism
Over the past 10 years the world has steadily come to see the beauty and majesty of Armenia. The New York Times, Forbes, The Smithsonian, Lonely Planet, and National Geographic have come to appreciate Armenian mountains, food, heritage, and history and have featured Armenia as a destination to visit.
Now take into account all the festivals and concerts that happen between early spring and late fall and you now have a 9 month window where events and celebrations are happening relentlessly.
Tourism has even gone up over 15% over the past 10 years, and the tourism industry grew the Armenian economy in 2020 as well, in spite of obvious setbacks. For repats looking to start their own business in hospitality, or event planning, the growth in tourism is a great indication that Armenia is a solid investment.
Renewable Energy
The Armenian population and government are set to make some incredible advancements in renewable energy.
Armenia is making strides to establish renewable energy as the forefront of energy resources in the country. With an emphasis on hydro power, nuclear energy, and solar energy, Armenia aims to make renewable energy account for 66% of the nation’s generated power.
Thankfully, Armenia will have some help in its renewable energy goals with pledged support of $40 million from The World Bank. With the government and foreign aid ready to help diversify Armenia’s power generation, there is a high demand for skilled, creative, and talented repats to invest their money and themselves professionally into the Armenian energy economy.
Tech
Perhaps the most exciting industry in Armenia is the tech industry. Armenia has being leading the charge in the region as the tech powerhouse in the Caucasus and sometimes the world. With the recent IPO of Service Titan, it has become clear that the Armenian tech industry is a major global force, and only stands to grow.
Between startups, VCs, and incubators over 20,000 people make a living working for over 3,000 companies in Armenia, contributing over $1 billion to the economy annually. For a country of less than 3 million that is an incredible accomplishment.
Many global conferences are being held in Armenia, including WCIT that has been hosted by Armenia twice over the past 5 years. But it's not just Armenia and Armenians that have seen potential in the Armenian tech scene, companies such as Adobe, Microsoft, Apple, Synopsys, and NVIDIA have established operations in Armenia.
And the future only looks brighter. The government also provides tax incentives for companies and individuals alike to establish their startup in Armenia. Startups are always on the lookout for new talent, and often look to employ repats to bring a new world view to their team.
Armenia is set to enhance its position as a global tech powerhouse with its young and talented workforce, relentless government support, and increasing foreign investment. Virtually every startup is hiring programmers, marketing specialists and everything in between. But you don’t have to be involved in the tech industry to be a part of it. A startup called Eqwefy allows virtually anyone to invest in Armenian startups the same way VCs and angel investors do.
The IT enterprise is Armenia’s fastest growing industry and is projected to catapult the Armenian higher in the global economy. Tech is becoming Armenia’s greatest export making this the perfect time to be involved in the growth of its tech economy.
Networking Events for Repats, Entrepreneurs, and Investors
With so many businesses in Armenia, it can be challenging to know where to start. But no matter how advanced Armenia becomes, there will always be an appreciation for personal connections, and that is why there are dozens of major conferences every year to foster interpersonal networks.
AGBU routinely holds events in Armenia and around the world often introducing heavyweight entrepreneurs and professionals to one another, inspiring many to join their ranks.
Repat Armenia routinely hosts networking events known as “Engage Armenia” and hosts these conferences globally. Repat Armenia has gone to 8 different cities in Europe and the Middle East. Holding events in the United Kingdom, Netherlands, France, Belgium, and Switzerland and one forum took place in Dubai in November; with 20 Imagine Armenia forums in key diasporan communities between 2013-2019 with over 100 speakers and 3,000+ participants.
The Armenian Businessmen Association publishes a list of events and conferences that repats, entrepreneurs and investors can participate in. You can find the conference that will suit your niche and even register on their website.
Mantashyants is known to be the largest Armenian business network in the world. You can get a handle on global business opportunities with job boards, news, and events being hosted around the world.
Impact Hub Yerevan routinely hosts events and calls guest speakers to come and speak, offering advice and insight on any sort of professional growth. Founded by repats, Impact Hub Yerevan even has youth programs for your children to start growing their professional futures in Armenia.
Business in Armenia has come a long way since its independence, and only stands to grow greater in the years to come. Become a part of the growing revolution in the country that has set the stage for your success.
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