On the occasion of the 30th Anniversary of diplomatic relations between Luxembourg and Armenia, the Luxembourg Chamber of Commerce, in partnership with the Embassy of the Republic of Armenia to the Kingdom of the Netherlands and Grand Duchy of Luxembourg, will host a country seminar and B2B meetings with Armenian companies coming to Luxembourg on 4 October 2022.
Armenia shows a positive economic performance with the focus on foreign investments that creates a favorable business environment. The Armenian economy (31.3 billion USD in 2020) has been growing at a fast pace in recent years: remittances from the diaspora worldwide (15% of the GDP), an increase in international copper prices and a business-friendly monetary policy strengthened the country’s economic development. Despite the challenges due to the economic crisis caused by the COVID-19 pandemic, the Armenian economy returned to growth in 2021 (+5%) driven by private consumption. The same year, the external balance improved due to a quicker rebound in exports than imports and a sharp increase in remittances (+21%).