For Armenia, the most important priority is developing the capacity for integration in multiple directions, speakers say at Armenian-Belgian discussion in Yerevan

The Armenian-Belgian Chamber of Commerce hosted a discussion in Yerevan titled “Unlocking Armenia’s Potential: Economic Reforms, European Integration and Regional Realities.” The event featured two keynote speakers: Bruno Colmant and Vache Gabrielyan. Colmant is one of Belgium’s leading economists, a member of the Royal Academy of Belgium, professor, author of several books, and an internationally recognized expert in monetary and financial policy. He remains actively engaged in discussions on Europe’s economic future and global financial governance. Gabrielyan, a former Deputy Prime Minister of Armenia, is an economist and currently serves as Dean of the Manoogian Simone College of Business and Economics at the American University of Armenia. Over the past decades, he has been one of the principal architects of Armenia’s economic and institutional reforms, combining high-level government experience with academic leadership. Welcoming participants and speakers, Belgian Ambassador to Armenia Eric De Muynck expressed satisfaction with the activities of the Armenian-Belgian Chamber of Commerce. “Since 2023, we have been working closely with this chamber. Although we have achieved concrete results, there is still more that can be done. This discussion is another example of partnership and comes at exactly the right time. Armenia is working very intensively with the European Union to diversify its trade relations. Earlier this morning, Professor Colmant and I discussed the comparative advantages of small countries. In particular, we exchanged views on technology, education and the role of the Armenian diaspora. These are also highly important topics for discussions of this kind,” the diplomat said. Asked what strategic choices Armenia should make today to ensure sustainable economic growth, strengthen its partnership with Europe and navigate an increasingly complex regional environment, Gabrielyan said clear strategies are necessary, but they will not work if they fail to align with the fundamental economic principles that guide private entrepreneurs and businesses in making decisions. According to Gabrielyan, the most important task is developing the capacity for integration in multiple directions. “To cooperate economically with Europe, we currently lack the necessary scale, standards and insurance systems. In the past, we were also unable to build the capacities required to support such a system. Fortunately, we have received grants from the European Union to develop infrastructure that meets these quality standards. When we speak about trade, we are talking about compliance standards, technical regulations and other related requirements. Without all of this infrastructure, it is impossible to address logistical challenges,” Gabrielyan said. He stressed that Armenia must recognize that it is located in an unstable region and operating in an uncertain environment, meaning that geographical instability is likely to remain for some time. “This means that we must strengthen our capacities and modernize our business practices. If we do not continuously think about resilience and diversification, we will not succeed. This is the most important issue. Strategic choices are not made only at the government or trade level; they are also made at the level of individual businesses. New export and import routes must be found, along with new strategic supply-chain pathways. This requires a new way of thinking,” Gabrielyan said. Colmant, for his part, noted that Armenia is situated at the crossroads of multiple spheres of influence, including East and West, Russia and the European Union. “At the same time, I am extremely impressed because you have a resilient economy. You also have a stable currency, which is remarkable, as small countries usually have weak currencies and suffer significantly during times of crisis. Armenia can play a role in the emerging environment. The war between Ukraine and Russia will eventually come to an end, and Armenia possesses many competitive advantages: a high growth rate, a highly skilled workforce, and a diaspora that is extremely valuable and capable of providing financial support when needed. Because you have a stable currency, you can borrow funds to enter foreign markets and implement investment projects. To avoid geographic and political isolation, Armenia must cooperate with a number of countries,” Colmant said. In his view, cooperation with the European Union is entirely logical, and expanding trade relations with the EU should remain a priority for Armenia. Colmant also advised investing more resources in political marketing to ensure that Armenia is positioned correctly on the global map. “You need to clearly explain what your competitive advantages are. You are quite strong in information technology and artificial intelligence. AI marks the beginning of the latest industrial revolution and will soon transform everything, including the labor market. If you are able to develop AI-related skills and spread those skills globally, you will strengthen your competitive advantages,” Colmant said. According to Colmant, small countries such as Armenia require strong coordination between the private and public sectors. They also need a clear roadmap outlining the country’s place and direction over the next 10 to 20 years.