The annual exports of Armenian textile, apparel, leather products and shoes grew by 35-43 per cent over the past two years, with more than 40 per cent exported to European Union (EU) countries, according to Business Armenia, the government agency to attract investment and promote exports. Armenian textile firms also take up subcontracting tasks for global brands.

To boost investments from European, Iranian and Asian investors, the Armenian Government has implemented numerous assistance programmes, according to a report.