The bilateral trade and economic engagement with Armenia has not been on increase despite the availability of potential to tap. Indian exports to Armenia consist of bovine meat, agricultural products, electrical equipment, cut and polished diamonds, optical equipment, plastics, pharmaceuticals, while Armenia's exports include non-ferrous metals and raw-rubber.
Armenia offers access to major markets via its membership in the Eurasian Economic Union (EEU), free trade agreements with other CIS countries, preferential trade agreements with the European Union (EU), USA, Canada, Japan, Switzerland and Norway, and its proximity to Iran and the Middle East. The EU, EEU and Iran represent a market of over 800 million consumers.
There are the possibilities for joint ventures between India and Armenia in the fields of Energy, Jewelry and Diamond processing, Agriculture and Food Processing, leather, Mining, Textile, automobile, pharmaceuticals, Healthcare, IT, Education, Tourism & Hospitality etc. Armenian side expressed interest in export of cognac, wine, fruit vodka and bear to India. Armenian side stressed on investment from India in the Free Economic Zones viz. Meridian FEZ for the jewelry, watch making and precious stones and the Alliance FEZ for IT, Telecommunication, Pharmaceuticals and Biotechnology. The third FEZ at Meghri in Syunik province is in its developmental stage and will have tea, textiles, leather processing, diamond and precious metals and food processing as priority areas. Armenian side also expressed interest for investment from India in setting up of solar power plants in suitable areas like Shorja village and areas around Sevan Lake.
It is in this context, to boost the economic and trade relations between India and Armenia, especially in the private sector, CII has brought a business delegation to Armenia. The objective of the delegation is to explore new markets for business and investment in Armenia. CII business delegation comprises of a delegate from pharmaceuticals, Solar Power and Renewable Energy, Hospitality, Mines, Engineering Products and hospitality sectors.