Starting a business in Armenia has benefits and shortcomings alike, member of the “Union of Syrian Armenians” Shant Khnkikyan, told reporters at a press conference, sharing his experience and entrepreneurial activity since 2012, when he moved to Armenia.  He informed about his busieness specialized in manufacturing electronic equipment in Armenia.

“I used to operate one of my business branches in Syria. It is still operating with product mainly consumed in the local market,” the speaker noted, adding Syria has a large consumption market and does not depend on foreign markets. The situation, however, is different in Armenia, Khnkikyan said and added:” Armenia’s market is rather small with the imported products dominating the locally produced goods that, in turn, leads to blurry prospects for business expansion. There is no favorable environment for the locally produced goods that restricts the opportunities to expand,” the Syria Armenia explained, adding stimulating step are needed to boost the local production.

He next informed about attempts to export their product to European and Arab states, yet faced certain problems due to availability of transport routes. “We can export goods only by an air which is quite expensive,” noted the entrepreneur.

Drawing parallels between the Armenian and Syrian laws regulating the business Khnkikyan gave preference to Armenian laws, which are seen “favorable for business and clear”. However, the speaker says, business starters should be provided with certain economic incentives.

“Special conditions are needed for the entrepreneurs setting up a business in Armenia, for example up to 3 years of tax deferral for them or customs duty exemption for imported materials. “The Syrian entrepreneur visiting Armenia should see a precise perspective for the growth and expansion of the startup,” said the speaker

The Syrian Armenian entrepreneur informed about the recent meeting of the “Union of Syrian Armenians” members with the RA PM Karen Karapetyan and discussion over proposals on improving the business environment.

To note, March 3 is marked as Day of Businessman in Armenia according t the Government decision.