On 23 October 2018, SCHNEIDER GROUP is opening a new office in the Armenian capital, Yerevan. The opening takes place against the background of Armenia’s growing importance as a promising bridge country, which along with its membership in the Eurasian Economic Union (EAEU), has concluded a partnership agreement with the European Union and a trade agreement with Iran.
“What makes Armenia so interesting for the Western economy is its privileged position in the strategic intersection between the West and the East” states Ulf Schneider, Managing Partner of SCHNEIDER GROUP in the run-up to the office’s inauguration. He also highlighted that the country has been a member of the Eurasian Economic Union since early 2015, while in November 2017 it concluded a Comprehensive and Enhanced Partnership Agreement with the EU.
The Armenian government has initiated reforms, especially on combating corruption, fostering open competition, and breaking up monopolies. The recent introduction of special economic zones in the framework of a new economic policy gives additional momentum to those reforms. A special economic zone – for the development of high-tech start-ups focusing on Blockchain and other highly specialized IT-products – was announced mid-January 2018. Furthermore, another free economic zone is being founded in Meghri, near the border with Iran.
Armenia is currently focusing on the infrastructure and energy sectors, agriculture, services, the IT sector, and tourism. “Armenia has traditionally featured a very strong IT sector, and it neighbours Iran. Thanks to this proximity the country can play a special role in the context of the debate around the US-sanctions on Iran” adds Mr. Schneider.
The new SCHNEIDER GROUP office in Yerevan will be led by Felix Paytyan, who has long held high-ranking positions in Armenia, Ukraine, and Belgium, among them the post of Vice-President of the Belgian-Armenian Chamber of Commerce.