ArmInfo.According to the Eurasian Development Bank's (EDB) flagship analytical project, "Monitoring Mutual Investments" (EDB MMI), Armenia accounts for 10.2% of all foreign direct investment (FDI) attracted in the Eurasian region.
Armenia maintains a balanced position as an investor and a recipient country. Specifically, its outgoing FDI volume reached $1.4 billion (15% higher than in 2023), while incoming FDI reached $4.9 billion (a 25% increase compared to 2023). Russian capital predominates in the structure of attracted investments (86%). However, two-thirds of the growth over the past year and a half was driven by Georgian investors, primarily through investments in the financial sector. Georgia became a major investor in Armenia, with accumulated investments of approximately $674 million.
Overall, the financial sector dominates the sectoral structure of incoming FDI, accounting for approximately $2 billion, or 40% of the total. As of the first half of 2025, Armenia is implementing 11 investment projects in Eurasian countries, more than half of which (approximately $760 million) are concentrated in the trade sector. Overall, the volume of accumulated foreign direct investment (FDI) between the countries of the region reached a record $48.4 billion at the end of the first half of 2025. "New data show that investment activity in the Eurasian region is growing despite the global decline in foreign direct investment (minus 11% in 2024)," the report states.
Private business has become the main driver of investment growth. The share of private companies in investment has grown to 72%, with their total FDI volume amounting to $34.7 billion.
Russia is the largest investor in the Eurasian region, with a share of 78.6%. At the same time, the role of other countries is growing. Kazakhstan and Uzbekistan are emerging as key players: Kazakhstan is one of the largest investors and recipients (outgoing accumulated investment is $3.25 billion, incoming $9.4 billion), and Uzbekistan is the largest recipient of FDI from countries of the Eurasian region ($10.7 billion, or 22.3% of the regional volume). Mutual investment in the Eurasian region is concentrated in three key sectors: raw materials ($14.3 billion), manufacturing ($8.9 billion), and transport and logistics ($5.4 billion). Together, these sectors account for approximately 60% of FDI stock as of the reporting date.
The structure of attracted accumulated investment appears more balanced: nine countries in the region managed to accumulate more than $1 billion in investments. The largest shares were recorded by Uzbekistan (22.3%), Kazakhstan (19.5%), Azerbaijan (11.2%), Belarus (10.4%), and Armenia (10.2%). Over the past eighteen months, the total increase in attracted investment amounted to $2.8 billion, driven primarily by Armenia (+26%, or +$1 billion) and Kazakhstan (+11%, or +$0.95 billion). The total number of active investment projects in the EDB MMI database as of the end of H1 2025 was 396 (42 more than in 2023).
