Total foreign investment inflows into Armenia reached 34.5 billion drams in 2025, compared to 29.8 billion drams the previous year, according to the country’s Statistical Committee.
In the mining sector, mixed trends were recorded. Investment inflows from Canada declined, while capital outflows from Russia decreased. If in 2024 Canadian investments in the sector amounted to 17.7 billion drams (about $46 million), in 2025 an outflow of 73.7 billion drams (around $194 million) was recorded, Sputnik Armenia reports.
Regarding Russian investments, the opposite trend was observed: outflows decreased from 100.7 billion drams (about $265 million) in 2024 to around 7 billion drams (approximately $18.6 million) in 2025.
In 2025, 87.5% of the shares of the Amulsar gold mine were transferred from Lydian Canada Ventures Corporation to United Gold ARM LLC FZ, a company registered in the British Virgin Islands. Another 12.5% remains owned by the Armenian government.
Additionally, about 20 billion drams (around $52.5 million) in investments were received from Kazakhstan in the sector.
In the energy sector, Cyprus accounted for more than 7 billion drams in investments. Some assets of Tashir Capital holding, the owner of Electric Networks of Armenia, are registered in Cyprus. Compared to the previous year, the volume of these investments has more than doubled.
Capital outflows from Germany totaled about 37 billion drams, largely due to loan repayments to KfW Bank.
In the water sector, France remained the main investor, although investments declined from more than 9 billion drams in 2024 to about 7.5 billion drams.
The aviation sector saw significant growth. Investments from Moldova reached 3.7 billion drams, whereas there had been none in 2024. Inflows from Luxembourg nearly quadrupled, reaching 30.5 billion drams.
In the information technology sector, investments from the U.S. slightly decreased from 10.2 billion drams to 8.8 billion drams.
In alcohol production, France and Luxembourg became the main investors in 2025, with investments of more than 3 billion and about 4.5 billion drams respectively, whereas the previous year saw outflows in these areas.
Luxembourg, Cyprus, and the Virgin Islands are often used as offshore platforms for investments.
