Italy is one of Armenia's main Western trade partners
Trade relations between Italy and Armenia are one the whole good, since they have been growing until the crisis affected consumption. WIth about 150 million euros of turnover in 2015, and 105 million euros of Italian exports (mostly in the textile, food, and machinery fields), Italy remains one of Armenia's main esters trade partners.
However, data covering the first five month of 2016 shows a general decrease of turnover and exports.
Italy's foreign direct investment in Armenia can be improved, especially if the general climate were to be more incentivating.
In September 2016, and agreement was reached between Italy's SACE and the Export Insurance Agency of Armenia, which should increase the opportunities for business between the two countries.
The Italian Embassy in Yerevan carries out its economic activities in collaboration with the ICE (Italian Institute for Foreign Trade), as a result of the Agreement between Italian Ministry of Foreign Affairs, ICE and the Ministry of Economic Development signed in Rome on March 24, 2004.
The ICE office responsible for the area is located in Moscow, Krasnopresnenskaja Naberezhnaja 12, building 3, Office 1202, 123610, mosca@ice.it, tel. 007495-9670275, 9670277, 9670278.
The two institutions keep in constant touch in order to co-ordinate the relevant initiatives aimed at promoting the economic and commercial ties and at exchanging information on actions undertaken in Armenia in support of Italian enterprises.
The attention that Italy pays to the strengthening the bilateral economic ties was shown since 2005 by the ambitious initiative “Days of Italian-Armenian Friendship”, organized by the Embassy of Italy. The event included a business forum, held at the presence of the then Vice Minister of Economic Development Urso, as well as a cuisine initiative by the Italian Cuisine Academy.
A presentation of the Armenian economy took place in Rome within the context of the Southern Caucasus Countries Business Forum, with interventions of representatives of main Armenian agencies for the economic development, at the presence of, among the others, the then Vice Minister of Economic Development, Adolfo Urso.
Missions to Armenia such as those by the Chamber of Commerce of Caserta and the CNA of Padua have also been carried out.
In 2015, the Embassy organised an exhibition dedicated to Italian design in the field of fashion.
For additional information, please refer to website : www.infomercatiesteri.it (available only in Italian)
