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Business Profile
Economy: Armenia has recovered slowly from the massive economic crisis caused by the 1988 earthquake and the collapse of the Soviet Union but is still seriously affected by the results of the war with Azerbaijan, which include a partial economic blockade and border closures with Azerbaijan and Turkey. Other regional difficulties, such as upheavals in neighbouring Georgia, had a detrimental effect on the country's economy and Armenian foreign trade suffered badly as a result. Many people rely on subsistence agriculture. Mineral deposits including copper, zinc, gold, marble, bauxite and molybdenum have brought some foreign revenue and investment but this sector is relatively undeveloped. The industrial sector comprises textile and chemical industries, aluminium production and some mechanical engineering. The Government introduced a series of major reforms in the mid-1990s including privatisation, a new fiscal structure and the introduction a new currency, the Dram, to replace the Russian Rouble. The country remains dependent on foreign aid and remittances from émigrés, but is steadily improving. The privatisation programme has been extended to include major parts of the national infrastructure such as the electricity grid. The volume of foreign investment is growing (despite concerns about widespread corruption and poor financial controls). The government has also signed important economic co-operation agreements with the Russian Federation and Iran.
Business: Business is generally conducted formally, and visitors should dress smartly; appointments are necessary. Office hours: Mon-Fri 0900-1800.
Commercial Information: The following organisations can offer advice: Armenian State Foreign Economic and Trade Association, (Armenintorg) 25 Hr Kochar Street, Yerevan 375012 (tel: (1) 224 310; fax: (1) 220 034); or Ministry of Foreign Affairs, 1 Republic Square, Yerevan 375010 (tel: (1) 523 531; fax (1) 151 042); or Ministry of Industry and Trade, 5 Hanrapetoutian Street, Yerevan 375008 (tel: (1) 526 134; fax: (1) 151 675); or Chamber of Commerce and Industry, 39 Hanrapetoutian Street, Yerevan 375033 (tel: (1) 565 438; fax: (1) 565 071; e-mail: chamber@arminco.com) or Armenian Development Agency, 17 Charents Street, Yerevan 375025 (tel: (1) 570 170; fax: (1) 542 272; e-mail: adaoss@netsys.am).
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