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major sectors of the economy : jewelry and diamond processing : manufacturing : information technology : natural resources : chemicals and pharmaceuticals : agriculture : food processing : tourism : construction and construction materials : energy : transport : telecommunications : water
Manufacturing
The
wide-ranging manufacturing sector includes production of metal cutting
machine tools, forging pressing machines, electric motors, tires, knitwear,
hosiery, shoes, silk fabric, washing machines, chemicals, trucks, watches,
industrial tools, mainframe computers and microelectronics (for the defense
industry), and software.
In the Soviet era, Armenia was a key developer and producer of almost
30 per cent of high-tech computer and other electronic equipment and parts
for the Soviet defense and space systems. Traditionally these were among
the best equipped enterprises in the country, employing highly qualified
personnel. The availability of infrastructure and skilled specialists
in electronics presents good investment opportunities. Armenian electronic
firms have the capacity to produce electronic chips and printed circuit
boards and to assemble TV sets, VCRs, computers and computer accessories,
and consumer or industrial electrical and electronic goods, all of which
have high export potential.
The best opportunities in the production of chips and other electronic
components are offered by the MARS and Ashtarak plants, built and equipped
in the 1980s by UK firms. MARS is now slated for privatization, as are
Armentnotor (maker of small electric motors), Sapphir (machine tools),
and Vanadzor Technosark (electrotechnology). In September 1999, the US
firm Interfoundry announced a plan to acquire a 51 per cent stake in Transistor,
which makes semi-conductors. If the purchase goes through, Interfoundry
will contribute an initial US$ 2.5 million to a six-year modernization
program, with an estimated total cost of US$ 90 million. The initial investment
will enable the production of 0.8 micron micro-systems. UK firm Global
Promotion is investing US$ 250,000 in the form of raw materials to help
Armenian company Sirius to resume production of resistors for household
appliances.
Before independence, Armenia was a leading producer and exporter of electrical
engineering products such as high precision machine tools, power transformers,
mobile power stations, alternators, hydraulic pumps, compressors, forklift
trucks, forge-and-press equipment and instruments, which were exported
to over 30 countries. Armenia still offers competitive metal cutting and
grinding machines for export and has retained its ability and capacity
to make high precision machine tools, including stone cutting and processing
machine tools, components and spare parts.
Automotive and Aerospace
Light Industry
Before transition light industry contributed almost 30 per cent of budget earnings, but now only contributes about I per cent.The textiles, clothing and carpet industry makes cotton, woolen and silk fabrics, knitwear, hosiery, shoes and carpets. The textile industry is well developed and exports its products to the US and western Europe. Its priority is to attract strategic investors. Several large enterprises have been partially privatized to foreign buyers, and others are on the sales list. The leading carpet makers are Haygorg (hand-made carpets) and Idjevan Carpet (machine-made), and an affiliate of US-based Tufenkian Carpets. Their products are highly competitive on international markets.