Ameriabank CFO: We want decision-makers to think of Armenia when they map out new investment destinations in region

"Positioned at the crossroads of Europe and Asia, Armenia is charting a bold new course—one that blends its ancient heritage with an ambitious economic vision. From timeless stone monasteries and dramatic mountain landscapes to the modern pulse of Yerevan, the country is quietly establishing itself as a destination of growing interest for travelers, investors and policymakers alike. Tourism lies at the heart of this transformation. In 2024, Armenia welcomed over 2.2 million visitors, a figure that not only signaled a recovery from the pandemic years but also underscored the country’s increasing global appeal," Forbes says in its new report Armenia at the Crossroads: A New Era for Tourism, Trade & Investment.

Armenia’s allure goes far beyond its natural beauty. Its hospitality, deep cultural heritage, and historic treasures draw an ever-increasing number of visitors each year. According to Lusine Gevorgyan, Head of the Tourism Committee at the Ministry of Economy, Armenia is becoming known for high-quality healthcare that is both affordable and reliable. “Areas such as dentistry, cosmetic surgery, fertility treatment and therapeutic wellness are attracting interest from abroad. Many of our specialists are internationally trained and facilities meet modern standards,” she noted, adding that the country aims to increase annual tourist arrivals to 3 million in the near future.

Over the past five years, Armenia has experienced one of the most dynamic growth periods in its modern history. “Our economy expanded by 44% in real terms and our GDP per capita doubled, placing us among upper middle income countries,” said Minister of Economy Gevorg Papoyan. He emphasized that the government’s objective is not only to secure capital inflows but also to ensure the creation of long-term value. “We are focused on attracting firms in sectors like high-tech, manufacturing, agribusiness and green energy; industries that will define Armenia’s future economic landscape."

The Forbes report also features an interview with Ameriabank’s Chief Financial Officer Hovhannes Toroyan, who highlighted the bank’s key role in the national economy as Armenia’s largest financial institution by loan portfolio.

Speaking about improving the country’s investment climate, Toroyan noted: "We see as our responsibility to help raise Armenia’s profile among international investors. Armenia still lacks visibility compared to similar countries, so we actively share data on the economy and banking sector with a large network of global investors. We closely work with investment banks, funds and institutional players to build awareness of Armenia’s potential. This constant engagement is key because improving Armenia’s image abroad is a long game. We want decision-makers to think of Armenia when they map out new investment destinations in the region."

Toroyan underlined Ameriabank’s strong understanding of the economy, business environment and consumer behavior.

"Many in our management team have backgrounds in advisory or real sector, which helps us identify high-potential sectors and the best companies within them. Having the largest loan portfolio in Armenia, we were still able to grow it by more than 35% during last 12 months. Our growth of 25–35 percent across client segments is powered by this targeted approach and our willingness to adapt as markets shift. We don’t just provide financing; we partner with clients, share insights and encourage best practices, by integrating ESG standards. We also heavily apply artificial intelligence to understand behavior of our customers and be able to offer them tailored solutions. Our automated models currently account for more than 90% of consumer loans that we underwrite," he said.