Promoting a future-oriented economy in Armenia

Context

Armenia’s economy is facing multiple challenges that are preventing its transformation into a green and resilient economy. These include:

• The transition of Armenia’s economy from a planned, centrally controlled model to a liberal economic model
• A high risk of poverty among young people, more than a quarter of whom are not in education, employment or further training
• Few women in management positions and male-dominated sectors
• A lack of support for green and digital innovations and for small and medium-sized enterprises and start-ups
• A large discrepancy between training opportunities and demand
• Emigration of young people with qualifications
• Territorial disputes with Azerbaijan
• Dependence on Russia as the most important market for Armenian exports to date, coupled with a lack of diversity in economic exports

Objective

Armenia can better utilise its potential for a transformation towards a future-oriented economy in selected sectors.

Approach

The project:

• Increases awareness of the transformation towards a future-orientated economy
• Promotes green and digital skills in vocational education and training
• Increases the range of future-oriented training and continuing professional development to provide trainees and workers with better qualifications, especially in resource-friendly economies and digital tools
• Adapts the innovation ecosystem to the needs of a future-oriented Armenian economy, taking into account women entrepreneurs and green business models

The project works with the Armenian Ministry of Economy (MoE), the Ministry of Education, Science, Culture and Sport (ESCS) and downstream institutions such as the Tourism Committee, the National Centre for Vocational Education and Training Development and the National Training Fund.

Last update: February 2024