In the Soviet era, Armenia was a hugely industrialised nation and a major producer and exporter of textiles, device resources and automotive components. Following the disintegration of Soviet Union, Armenia shifted its concentration to the agriculture sector that was the moment an insignificant section of the economic climate.
Currently, Armenia is acknowledged for its secure financial system, continual progress and openness to privatisation. The region is also an critical electricity exporter to a number of European and Asian nations. Owing to the expenditure friendly local climate in Armenia, a number of Indian SMEs are eyeing this Central European place for trade and expenditure chances.
In modern occasions, India has develop into an significant Asian investing partner of Armenia. Notably, whole exports from India to Armenia in 2008 have been pegged at close to $48.9 million, while Armenian exports to India throughout the identical period hovered at around $2.4 million.
India’s export basket for Armenia consists of electrical products, plastics, prescription drugs, chemical merchandise and optical equipments. Alternately, Armenia exports raw rubber, textiles, publications and non ferrous metals to India.
Sectors of development
In accordance to market place professionals, India and Armenia are nevertheless to tap the opportunities that exist in bilateral trade. Indian SMEs in the IT sector can enter into strategic alliances with their Armenian counterparts for understanding-sharing and know-how transfer. Armenia too has sought guidance from Indian SMEs in the IT segment to increase its evolving IT industry.
Armenia is a valuable trade location for Indian SMEs engaged in the textiles sector. By environment up production models in Armenia, Indian SMEs can acquire quick entry to the Commonwealth of Impartial States (CIS) nations around the world that do not levy taxes on Armenian items.
The thriving gems and jewelry sector in Armenia is an additional phase that Indian SMEs, specifically those engaged in exporting diamond can investigate. Armenia imports uncooked diamonds mostly from Russia. Indian diamond exporters can fortify their foothold in the gems and jewellery sector by providing their B2b Productsin the Armenian market place.
Advertising and marketing bilateral Trade Sales opportunities
To market greater financial exchanges in between the two nations, the Armenian embassy in India initiated a “four as well as a single” policy of sector-unique cooperation. Beneath this coverage, Armenia has sought assistance from India to increase its 4 vital sectors. These contain IT, agriculture, science and technological know-how (S&T) and SME.
India is aiding Armenia by conducting teaching programmes on a normal foundation. With each international locations adopting a positive technique to enhance trade relations, Indian SMEs can be optimistic about their growth prospective clients in Armenia in the close to time period.