Armenia’s Small and Medium Entrepreneurship researched by Ameria

Posted on February. 10. 2019

By Anush A. Hovsepyan
Ameria Group’s Development Director and Partner Tigran Jrbashyan sharing the findings of the SME study

Ameria Group’s Development Director and Partner Tigran Jrbashyan sharing the findings of the SME study

Ameria Group of Companies, renowned for helping entrepreneurs with market entry studies and full-fledged advisory services, has completed another study, essential for having a full understanding of Armenia’s emerging markets.
Ameria’s study on “Armenia’s Small and Medium Entrepreneurship (SME)” analyzed 1,003 micro, small and midsize enterprises, including 655 in Yerevan, 144 in Gyumri, 152 in Vanadzor and 52 in Dilijan. The results show that in Armenia’s entrepreneurial market 74.7% are microbusinesses, 20.2 % are small businesses and only 5.1% are midsize businesses.
Armenia’s SMEs according to industries
Ameria’s study revealed that 47.6% of SMEs are engaged in trade, 34.4% of SMEs provide services 15.5% are in manufacturing and 2.2% are in construction industries. For the purposes of this research, SMEs have been defined pursuant to the Republic of Armenia Law on “State Support of Small and Medium Entrepreneurship.”  It is worth noting that Armenia’s microbusinesses are more involved in trade (55.2 %) than the small and medium enterprises.
Financial and Advisory Services Needed for SMEs
Small and Medium Enterprises in Armenia deal with banks mostly for their transfer and loan needs.  According to Ameria experts, timely and quick service by a bank is of utmost importance for SMEs.  The decisive factor here is how fast they can get a loan or the transfer neede
What’s next for SMEs in Armenia?
The competition among SMEs is getting more intense, especially among mid-size enterprises.   Ameria experts explain that the development of Armenia’s SMEs is mainly hindered by low demand and high taxes in the country.  In addition to these factors, SMEs in Gyumri and Vanadzor have to deal with decreasing demand because people continuously leave these cities.  In Yerevan and Dilijan SMEs are developing faster.

SME Flyer

SME Flyer

In-depth data on SME
Ameria presented the results of the independent study on “Armenia’s Small and Medium Entrepreneurship” to all interested parties, including international organization representatives, industry experts and entrepreneurs this October. How big of a role do the SMEs play in Armenia’s economy?
What is the level of investments and innovation?
What are the mid-term expectations?
The study addresses these questions and more.  It provides macroeconomic overview of SMEs, including the dynamics of the main indicators, such as GDP, prices, exchange rates and more. It is valuable to see the status  of Armenia’s SMEs through international comparisons.  The research shows SMEs’ development level in comparison with peer countries, such as Russia and others.  Ameria’s study provides forecasts for SMEs in each industry through in-depth overview by industry and volumes, the entrepreneuria
l environment, competition and barriers.  “Armenia’s Small and Medium Entrepreneurship” study offers thorough data on SMEs’ needs on banking, advisory and other professional services. Finally, the study identifies the specifics of SME regulation in Armenia and internationally. Learn more at
About Ameria Group
Ameria Group of Companies is an established financial and advisory services provider based in Armenia with a representation in Los Angeles.  Ameria’s LA office is a one-stop resource for all potential investors who are ready to invest across countries and companies. With more than 600 employees, $ 600 million dollars in assets, branches across the country, Ameria is performing the most aggressive development in the Armenian financial and advisory market through a range of financial & advisory services.  Ameria Group is a winner of multiple global financial awards.   It is the only financial institution in the South Caucasus region recognized as a Global Growth Champion in DAVOS World Economic Forum for its exceptional growth and expertise.  The group is renowned in the region with Ameria Legal & Management Advisory, Ameriabank, Ameria Asset Management Company and Prodeco Property Development Company. Ameria Management advisory (, a member of Ameria Group of Companies has solid expertise in corporate restructuring, mergers and acquisitions, legal management advisory services, business planning, strategy development, tax planning and more.

Leave a Reply

Your email address will not be published. Required fields are marked *