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Regional development boost as new businesses open in Armenia thanks to EU4Business support

September 11, 2018

Four new businesses have been started in the Lori region of Armenia with the support of the EU through its EU4Business initiative.

The businesses, in the cities of Vanadzor, Stepanavan and Alaverdi, all launched their activities within the framework of the ‘Boosting Competitiveness of regional SMEs’ project, co-funded by the EU and Armenia’s Ministry of Territorial Administration and Development.

After participating in the EU-supported training and getting a loan, Vigen Mnatsakanyan was able to implement his idea of ‘apitourism’, also known as bee tourism. He founded his business in Alaverdi and is now waiting for customers to enjoy the therapeutic properties of bees for health and wellbeing.

Ruzanna Hayrapetyan opened a fast food store and bakery in Vanadzor on the site of a former furniture store belonging to her family. The EU grant helped her purchase the necessary furniture and equipment.

Arman Arakelyan founded a company offering active tourism services. He will organise climbing wall and zip line activities, and offer other adventure and extreme tourism services.

Hamlet Tumasyan is the owner of a guesthouse in Stepanavan, which she was able to open after participating in training organised by the project and receiving credit and grant funds.

The four new small and medium-sized enterprises (SMEs) have already created nine new jobs, a number that is likely to increase in the near future.

Find out more

Press release

Boosting Competitiveness of regional SMEs


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