Women Entrepreneur's Russian Association to Invest $8 Million in Gyumri's Eco-Tourism Development

An $8 million investment in the development of eco-tourism in Armenia’s second-largest city of Gyumri, will be raised by the Russian Interregional Women's Entrepreneurship Association, Mariam Manukyan, the head of the Council for International Business Relations Support told ARKA news agency.

Manukyan said her organization was contacted by the Russian side and asked for an investment package and adds "We have been working in this area for the last six months. And now, after reviewing the projects presented, particularly regarding hotel and tourism development, our partners have expressed a desire to invest $8 million through Russian companies,"

She also mentioned that a package was chosen of a private company that seeks to develop eco-tourism in Armenia’s second-largest town of Gyumri. Representatives of the Russian Association are currently in Gyumri studying the area and its possibilities.

Additionally she said "Considering that many companies from different regions of Armenia cooperate with the Russian Association, the latter is interested not only in investments in tourism, but also in the import of Armenian goods,"

Founded in 2018, the Interregional Women’s Entrepreneurship Association is supporting women’s businesses in Russia, escalating opportunities for the professional and personal development of women entrepreneurs, generation of creative ideas and joint initiatives.

Since 2011 The Armenian Council for International Business Relations Support has been operating. Its objective is to facilitate investment flow into Armenia and promote the export of local products to international markets, particularly in Russia, the USA, Europe, and Africa. The Council also runs several social programs focused on education and charity.