Armenia is diversifying its economy, Estonian-style
ESTDEV supports an export acceleration programme, implemented by Visionest Institute in cooperation with the Armenian Ministry of Economy, is equipping Armenian enterprises with the sophisticated tools needed to scale globally and access new market
According to the latest data, there are only 272 exporting companies operating in Armenia. The bottleneck is rarely the quality of the products themselves; rather, it is a deficit in specialised export experience, long-term strategic planning and access to international networks. Estonia is globally recognised for its agile business environment. By channelling its expertise into the Armenian market, this programme is strengthening local businesses to become globally competitive entities.
The pharmaceutical manufacturer Esco-Pharm exemplifies this practical approach. For Director Mikayel Tovmasyan, the programme has been a catalyst for organisational growth. “The programme has provided a significant amount of new information. The training sessions on artificial intelligence, neuromarketing and company positioning were particularly valuable and insightful,” says Tovmasyan.
Esco-Pharm’s experience underscores the programme's core philosophy: equipping management teams with the data-driven insights necessary to make strategic decisions.
In cooperation with Estonian experts, the programme is transforming the economy by:
Building practical roadmaps. Companies develop actionable export business plans to confidently enter highly competitive markets like Saudi Arabia, the UAE and Vietnam.
Integrating smart tech. Participants are utilising new tools to streamline market analysis, partner selection and logistics.
Tailoring the approach. Instead of a one-size-fits-all model, companies are adapting their portfolios by updating packaging, product names and offerings to meet specific local demands.
“Having gone through similar processes in Estonia, we are very happy to assist and support Armenian companies in directing their exports to more diverse countries and also being ready to enter the EU market with their products and services,” says Reesi Lepa, ESTDEV’s head of Economic Development and Innovation.
As these companies refine their operations and expand their reach, the initiative is boosting national export figures, fostering a sustainable ecosystem of innovation and setting the stage for long-term impact.
Photo: Visionest
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