Attracting German investments to Armenia
In July 2025, our Armenia country coordinator Dmitry Chervyakov and international expert Björn Vogler travelled to Yerevan to finalise a study on segmentation for investment attraction measures targeting German investors.
As part of our advisory work with the Government of Armenia, the German Economic Team is supporting Enterprise Armenia, the country’s national investment promotion agency, in tailoring their investment attraction strategy towards the German market.
Our study combined in-depth stakeholder interviews with analytical background research to identify promising sectors and segments for German investors. To align Armenia’s investment potential and competitive position with the landscape and perspective of German companies, we performed a target group analysis. After identifying potential target groups, the shortlisted groups were assessed in terms of their investment potential and competitive position.
The analysis shows that the semiconductor and IT sectors should be considered a top priority for attracting German investments. Within these industries, the most promising segments include chip design, R&D functions of integrated device manufacturers, embedded software, cybersecurity and AI, amongst others.
There is also potential to attract investment in the fields of aerospace, robotics & automation, pharmaceuticals and tourism. We recommend targeting individual investors in specific niches within these sectors. In the aerospace and robotics & automation industries, for example, there is investment potential in segments such as engineering, testing, and validation of non-military UAV, radar and communication systems or sensors.
An important competitive advantage is Armenia’s strong talent pool across all these sectors, which is the result of close cooperation between companies and universities. This is also reinforced by the country’s advanced educational system which features internationally renowned programmes, such as TUMO, Armath and ArmRobcs, alongside leading institutions with relevant faculties like the National Polytechnic University.
You can access our study here.
