Indian SMEs Capitalising on Armenian Avenues
In the Soviet era, Armenia was a highly industrialised nation and a primary company and exporter of textiles, equipment equipment and automotive components. Next the disintegration of Soviet Union, Armenia shifted its concentration to the agriculture sector that was as soon as an insignificant phase of the overall economy.
Currently, Armenia is recognised for its stable overall economy, continual growth and openness towards privatisation. The nation is also an significant energy exporter to a selection of European and Asian nations. Owing to the expenditure pleasant weather in Armenia, many Indian SMEs are eyeing this Central European region for trade and expense possibilities.
In latest periods, India has turn out to be an crucial Asian investing partner of Armenia. Notably, whole exports from India to Armenia in 2008 were pegged at close to $48.9 million, even though Armenian exports to India all through the same interval hovered at about $2.4 million.
India’s export basket for Armenia is made up of electrical tools, plastics, pharmaceuticals, chemical items and optical equipments. Alternately, Armenia exports raw rubber, textiles, guides and non ferrous metals to India.
Sectors of expansion
According to market professionals, India and Armenia are nonetheless 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 knowledge-sharing and technological innovation transfer. Armenia much too has sought support from Indian SMEs in the IT segment to boost its evolving IT market.
Armenia is a valuable trade location for Indian SMEs engaged in the textiles sector. By setting up production units in Armenia, Indian SMEs can attain easy access to the Commonwealth of Independent States (CIS) countries that do not levy taxes on Armenian products.
The thriving gems and jewellery sector in Armenia is a different segment that Indian SMEs, specifically those engaged in exporting diamond can investigate. Armenia imports raw diamonds principally from Russia. Indian diamond exporters can improve their foothold in the gems and jewellery sector by giving their B2b Productsin the Armenian sector.
Advertising and marketing bilateral Trade Qualified prospects
To promote improved economic exchanges involving the two countries, the Armenian embassy in India initiated a “four furthermore just one” policy of sector-precise cooperation. Under this coverage, Armenia has sought help from India to increase its 4 crucial sectors. These include things like IT, agriculture, science and technology (S&T) and SME.
India is helping Armenia by conducting education programmes on a frequent basis. With both countries adopting a optimistic solution to greatly enhance trade relations, Indian SMEs can be optimistic about their progress prospects in Armenia in the near time period.
