The government continues to push industrial production, despite it questionable competitive edge on the world market. Industries promoted by the government for investment include machine-tool manufacture, electrical engineering, electronics, radio engineering, production of non-ferrous metals and concentrates, extraction of precious metals and rare elements from base metal ores, non-traditional energy resources, processing construction, production of consumer goods such as leather footwear, knitwear, rugs, textiles, fruit and vegetable canning, and the production of cheeses, mineral water, wines, cognac, etc.
Meanwhile, the private sector has developed several key industries on its own, and these show the greatest promise for the long term. None of them are in the heavy industry sector, all relying on the burgeoning worldwide service and high technology industries. Computer programming and software development have gained a significant foothold in the economy in the last three years, with export of software and computer programming most prominent among them. Computer chip and component manufacture, computer engineering, and programming uses the tremendous brainpower in the country, and do not rely on massive energy consumption, or adverse ecological use. Armenian computer knowledge is well known in the industry, as companies like Intel, Microsoft and IBM snapped up emigrating Armenian programmers and engineers in the early 1990's.
The greatest economic potential for the country in the near future is tourism. The country has a built-in infrastructure to house 800,000 visitors a month, and before the energy blockade of 1989, the country annually hosted up to one-and-a-half million tourists. Tourism has already begun to revive, with visitors for 1997 surpassing the previous three-year totals combined. Tourism is expected to have dramatic growth in the next few years, growing to one million in 2001, when Armenia celebrates 1700 years of Christianity.
Econmic Potential Paper (PDF)
Trade Potential Graph
Ministry of State Property Management . am
Privatization Link site
Armenian Technology Group : Agri - business
Agribusiness and Privatization
World Bank Armenia Report
IMF Armenia Report
Armenian Embassy: Business and Economy