In the first half of 2025, Armenia recorded a net inflow of foreign investments totaling around 48 billion drams, down significantly from 107.2 billion drams during the same period in 2024, according to the Armenian Statistical Committee.
The steep decline is mainly attributed to Russia and offshore jurisdictions. Russia alone saw a net outflow of 55.1 billion drams, including a drop of 27 billion drams in direct investments. In contrast, last year’s figures from Russia were positive—10.2 and 8.7 billion drams, respectively. The drop is linked to a decline in trade, particularly gold re-exports, and reduced activity of Russian IT firms in Armenia.
Luxembourg remained a major investment source with 23.7 billion drams in direct investment, largely due to Corporacion America, owned by the Armenian-Argentine Eurnekian family, which operates the Yerevan and Gyumri airports.
Significant inflows also came from Singapore and Kazakhstan, at just over 22 and 24.4 billion drams respectively, both in indirect forms related to financial operations.
Cyprus, once a major source, saw a 10.2 billion dram outflow, likely linked to reduced investment in Electric Networks of Armenia, partially owned via a Cypriot entity connected to businessman Samvel Karapetyan.
The UAE recorded a 9.3 billion dram decline, possibly tied to delays in the “Ayg-1” solar project involving Masdar and Armenia’s now-dissolved ANIF.
Canada saw substantial growth: from 1.3 billion drams in 2024 to 8.2 billion drams this year, all in direct investments, likely linked to mining. Lydian, developer of the Amulsar mine, has moved its registration from the Virgin Islands to Canada. The Armenian government is a minority stakeholder in the company.
Investments from Jersey and the Virgin Islands dropped sharply, possibly due to stricter global financial regulations.
U.S. investments declined from 8.5 to 2.9 billion drams, while Swiss inflows rose from 7.1 to 18.1 billion drams. French investment outflows continued, reaching -2.4 billion drams.
