JULYASIA BUSINESS OUTLOOK19MOST PROMISINGBUSINESS LEADERSFROM ARMENIA - 2024Armenia: A Gateway to Lucrative Business InvestmentsArmenia is an economy which has been versatile to many economic reforms in past 10 years. The country was continuously reforming its policies since independence, which has lead to sustained growth, as well as inflows of capital and remittances. The country has come a long way from a small state which couldn't boast rich natural resources nor favourable geographical position and fertile soil to an industrial-agrarian country, with leading industries such as, mechanical engineering and metal working, chemical and petrochemical, nonferrous metallurgy, manufacture of building materials, foodstuffs and light industries.Even thought the country got negatively impacted due to its political instability and conflict with Azerbaijan, the country's economy and foreign trade is showing a positive graph. Despite the global challenges, Armenia can be considered an emerging investment market in the region due to its stable growth in past years and growth potential. Attractive tax incentives for business and reduces tax for IT companies is making it an attractive investment destination. Why Armenia is a Better Investment ChoiceThe country being at the crossroads of Europe and Asia offers opportunities for trade and investments between these regions. Development of Armenia's IT sector with vibrant startup ecosystem, including tax incentives in this sector is an advantage for the country's economy. Armenia's tax incentives in business include a flat income tax rate of 20 percent and a reduced corporate income tax rate of 18 percent for IT companies. Tax procedures are also simplified for investor's convenience.Armenia has established free economic zones offering tax benefits, streamlined regulations, and infrastructure support to attract foreign investment.Asia Business Outlook magazine provide insights on diverse industries and markets in Asia. In this issue, the magazine spotlights Top 10 Most Promisig Business Leaders from Armenia­ 2024' who have made their signature in the world market through their expertise and innovations. The following list has been prepared after being closely scrutinized by a distinguished panel of judges including CXOs, analysts and our editorial board. We recognize their valuable contribution to the ever expanding and competitive market and their ability to sustain themselves and emerge as top contestants through their reliable products and services.
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