The UN Tourism Organization has expanded its portfolio of investment guidelines with a new edition centered on Armenia’s potential.
“Tourism Doing Business – Investing in Armenia” provides investors and tourism professionals with valuable insights into the country’s tourism industry. It highlights Armenia’s rich cultural heritage, strong economic growth, and favorable business climate, helping stakeholders make informed investment decisions.
UN Tourism Highlights Armenia’s Growing Appeal for Investors
UN Tourism Secretary-General Zurab Pololikashvili remarked, “Armenia is an emerging tourism hotspot. Its commitment to economic reforms, infrastructure development, and attracting foreign direct investment has made it the fastest-growing economy in Europe. These new Guidelines highlight Armenia’s efforts to create an investor-friendly environment and emphasize the opportunities within its tourism sector.”
Armenia: A Prime Tourism Destination
Armenia location on the world map. Source: www.unwto.org
In recent years, Armenia has experienced significant growth as a tourist destination. International tourist arrivals reached 2.3 million in 2023, marking a 22.3% increase from 2019—well above the regional average in Central and Eastern Europe. Moreover, international tourism revenues hit USD 3 billion in 2023, a 97% surge compared to 2019. The Guidelines outline several factors contributing to Armenia’s appeal for both tourists and investors, including:
- Strategic Location: Positioned at the intersection of Europe, Asia, and the Middle East, Armenia serves as a vital gateway between these regions.
- Visa-Free Entry: Citizens of around 70 countries can visit Armenia without a visa.
- Strong Connectivity: Armenia offers direct flights from over 50 cities in Europe, the Middle East, and Asia, with its major airports collectively handling over 4 million passengers annually.
UN Tourism Executive Director Natalia Bayona added, “Armenia has shown remarkable economic resilience and growth in recent years. International tourist arrivals have increased by nearly 25% compared to pre-pandemic levels, and rising investments across sectors demonstrate growing confidence in Armenia’s tourism potential. We are proud to collaborate with Armenia in promoting it as an investment destination through these latest Guidelines from UN Tourism.”
Investments
Armenia’s investment climate is booming, with Foreign Direct Investment (FDI) inflows reaching nearly USD 1 billion in 2022, a record high. This positive momentum carried into 2023, with FDI totaling USD 580 million, according to Armenian authorities, showcasing increasing international confidence in Armenia’s market.
Value propositions
This publication highlights Armenia’s strong value proposition for tourism investments. The country’s strategic location, rich cultural heritage, and diverse tourism options — ranging from cultural and historical attractions to adventure and eco-tourism — create a wealth of investment opportunities. The Armenian government is dedicated to promoting entrepreneurship and improving infrastructure through initiatives like “Armenia The Hidden Track,” which aims to further increase tourist arrivals.
Competitive Outlook
The report also examines Armenia’s competitive position in the global tourism market, showcasing its impressive growth. In 2023, international tourist arrivals reached 2.3 million, a 22.3% increase from 2019, far exceeding the regional average in Central and Eastern Europe. Moreover, international tourism revenues in Armenia soared to USD 3 billion in 2023, a 97% rise compared to 2019. This surge in arrivals, higher visitor spending, and increased hotel occupancy rates highlight Armenia’s success in attracting and retaining tourists. These positive trends have contributed to job creation, economic growth, and solidified Armenia’s standing as a strong competitor in the global tourism landscape.
Image source: unwto.org
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