The European Union plans to invest €250 million in developing Armenia’s Syunik province and supporting businesses there, EU Ambassador Vassilis Maragos said in Vanadzor.
“Next week we are traveling to Syunik, where we plan to invest €250 million in the region’s development and business support,” Maragos said, as quoted by Radio Azatutyun.
He said the investment should extend past infrastructure and economics. “It is truly essential that we continue to support human capital, which every country needs not only for its economy but also for democratic and societal resilience, which we need to see much more of in the future,” Maragos said.
The ambassador tied the EU’s expanded trade support directly to Russian pressure on Armenian exports. “Following some very tough, coercive measures taken by Armenia’s important northern partner regarding exports to that country, the EU has strengthened its support for trade,” he said.
He expects the new trade incentives for Armenian goods to take effect soon, and said the ball is now in the hands of Armenia’s authorities. “I am very confident that given the progress we have seen, it will not be long delayed, and we are working very actively to bring it to life,” Maragos said.
The European Parliament approved the Commission’s proposal for temporary trade liberalization on Tuesday, clearing several hundred Armenian product categories for duty-free entry to the European market.
Syunik has been an EU priority for several years. The Resilient Syunik Team Europe initiative, launched in 2023, is putting around €200 million into the province over 5 years, of which €65 million is grant funding and €135 million is credit.
Those figures sit inside a larger program. The EU’s Resilience and Growth Plan for Armenia is worth €270 million, and investments under the Global Gateway strategy are expected to reach €2.5 billion, financing roads, rail, electricity and energy infrastructure.
European Commission President Ursula von der Leyen announced during visits to Armenia and Azerbaijan that the EU was ready to put up to €200 million into the region’s transport, energy and digital connectivity, a grant framework intended to leverage around €2 billion in public and private investment across the South Caucasus.
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