Gevorg Papoyan, Minister of Economy of the Republic of Armenia was on a Working Visit to the Republic of India

16 November, 2025

From 13 to 16 November, Gevorg Papoyan, Minister of Economy of the Republic of Armenia was on a working visit to the Republic of India.

On the 13th of November, he participated in the ministerial plenary session of the India-Europe Business and Sustainability Conference and delivered a welcoming speech. The Minister presented Armenia’s investment environment and major projects, including the “dry port” in Gyumri. “Armenia’s geographical location allows it to become an economic, cultural, and logistical bridge between Europe and Asia. In this regard, Armenia can connect India’s dynamic economy with Europe’s advanced markets, serving as an ideal hub for trade, production, and technological cooperation,” Gevorg Papoyan noted.

The Minister also touched upon the TRIPP and “Crossroads of Peace” initiatives, emphasizing their importance for regional economic cooperation and long-term peace.

On the 14th of November, Gevorg Papoyan took part in the "CII Partnership Summit 2025" organised by the Confederation of Indian Industry (CII). In his welcoming speech the Minister emphasized the importance of deepening economic cooperation between Armenia and India, highly appreciating the long-standing friendship between the two countries. He highlighted India’s innovative and technological progress and expressed confidence that the summit will contribute to the development of new ideas and long-term partnerships.

He presented the main directions of Armenia’s economic policy, building a diversified, export-oriented, and innovation-driven economy, as well as the country’s investment opportunities in high technology, renewable energy, pharmaceuticals, agribusiness, tourism, and education. The Minister also introduced the “Crossroads of Peace” initiative, that aims to create a modern network of transport, energy, and communication routes connecting the South Caucasus, the Middle East, and Central Asia. The summit was attended by high-level officials from various countries, including the economic ministers of 9 nations, representatives of the business community, and the President of the World Trade Organization (WTO).

Within the framework of the visit Minister Gevorg Papoyan met with Piyush Goyal, Minister of Commerce and Industry of India in the city of Visakhapatnam. The sides discussed opportunities for expanding economic relations and increasing trade turnover between Armenia and India. Among other directions of bilateral cooperation, particular importance was placed on the sector of precious stones and jewelry. In this context, Gevorg Papoyan introduced the stable business environment created in Armenia, the tax incentives, competitive trade conditions, and customs advantages that make Armenia attractive for the production and export of precious jewelry.

Discussions were also held regarding the fields of pharmaceuticals, renewable energy, and tourism, including the possibility of launching direct flights.

During the meeting, Gevorg Papoyan proposed creating a joint working group between Armenia, India, and GJEPC—the Gem & Jewellery Export Promotion Council of India—with the aim of putting existing cooperation opportunities on a practical track.

Upon the invitation of Piyush Goyal, Minister G. Papoyan visited the Andhra Pradesh Medical Technology Zone, which is one of the world’s largest medical technology production clusters, where more than 100 companies are involved in the research, testing, and manufacturing of advanced medical equipment. During the tour, the Minister was introduced with state-of-the-art production and research infrastructure, including specialized laboratories, testing centers, and storage complexes. The Minister highlighted Armenia’s free economic zones and emphasized that Armenia plans to establish industrial zones equipped with the necessary infrastructure for various sectors. He invited Indian companies to consider investment opportunities in the planned industrial zones in Armenia, which would create favorable conditions through the use of state support tools, tax incentives, and other facilitating mechanisms that would allow products to be offered on the international market at competitive prices.

At the official reception of the CII Partnership Summit 2025, Minister of Economy of Armenia had a conversation with Kinjarapu Ram Mohan Naidu, Minister of Civil Aviation of India. They discussed prospects for cooperation in the field of aviation, in particular the possibility of launching direct flights between Armenia and India. “Strengthening connectivity is an important step toward expanding our economic cooperation and people-to-people ties,” noted Gevorg Papoyan.

Within the framework of the visit to the Republic of India, a meeting with representatives of the major engineering company "HBL India" was also held. The Minister introduced Armenia’s investment environment and proposed considering the possibility of establishing electric battery (energy storage) production in Armenia.

H.E. Vahagn Afyan, the Ambassador Extraordinary and Plenipotentiary of the Republic of Armenia to the Republic of India, accompanied the Minister throughout the meetings.

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