| In the Soviet era, Armenia was a highly industrialised | | | | Armenia too has sought assistance from Indian SMEs |
| nation and a leading manufacturer and exporter of | | | | in the IT segment to boost its evolving IT industry. |
| textiles, machine tools and automotive components. | | | | Armenia is a lucrative trade destination for Indian |
| Following the disintegration of Soviet Union, Armenia | | | | SMEs engaged in the textiles sector. By setting up |
| shifted its focus to the agriculture sector that was | | | | manufacturing units in Armenia, Indian SMEs can gain |
| once an insignificant segment of the economy. | | | | easy access to the Commonwealth of Independent |
| Today, Armenia is known for its stable economy, | | | | States (CIS) countries that do not levy taxes on |
| steady growth and openness towards privatisation. | | | | Armenian goods. |
| The country is also an important energy exporter to | | | | The thriving gems and jewellery sector in Armenia is |
| a number of European and Asian nations. Owing to | | | | another segment that Indian SMEs, particularly those |
| the investment friendly climate in Armenia, several | | | | engaged in exporting diamond can explore. Armenia |
| Indian SMEs are eyeing this Central European country | | | | imports raw diamonds primarily from Russia. Indian |
| for trade and investment opportunities. | | | | diamond exporters can strengthen their foothold in |
| In recent times, India has become an important Asian | | | | the gems and jewellery sector by supplying their B2b |
| trading partner of Armenia. Notably, total exports | | | | Productsin the Armenian market. |
| from India to Armenia in 2008 were pegged at | | | | Promoting bilateral Trade Leads |
| around $48.9 million, while Armenian exports to India | | | | To promote increased economic exchanges between |
| during the same period hovered at around $2.4 million. | | | | the two countries, the Armenian embassy in India |
| India's export basket for Armenia consists of | | | | initiated a "four plus one" policy of sector-specific |
| electrical equipment, plastics, pharmaceuticals, | | | | cooperation. Under this policy, Armenia has sought |
| chemical goods and optical equipments. Alternately, | | | | assistance from India to boost its four key sectors. |
| Armenia exports raw rubber, textiles, books and non | | | | These include IT, agriculture, science and technology |
| ferrous metals to India. | | | | (S&T) and SME. |
| Sectors of growth | | | | India is assisting Armenia by conducting training |
| According to market experts, India and Armenia are | | | | programmes on a regular basis. With both countries |
| yet to tap the opportunities that exist in bilateral | | | | adopting a positive approach to enhance trade |
| trade. Indian SMEs in the IT sector can enter into | | | | relations, Indian SMEs can be optimistic about their |
| strategic alliances with their Armenian counterparts | | | | growth prospects in Armenia in the near term. |
| for knowledge-sharing and technology transfer. | | | | |