Economy ministry says Swedish IKEA and H&M may arrive in Armenia

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YEREVAN, February 16. /ARKA/. The Armenian Ministry of Economy is working to bring the IKEA and H&M companies to the domestic market, deputy head of the information and public relations department of the ministry Anahit Khechoyan told ARKA news agency.

Earlier, Economy Minister Vahan Kerobyan at a meeting with Sweden’s Ambassador to Armenia Patrick Svenson noted the importance of the entry of Swedish companies IKEA and H&M into the Armenian market. He also reported on the ongoing programs, in particular, the process of managing a venture fund, and invited Swedish companies to take part in the programs.

As Khechoyan noted, one of the preconditions for the arrival of foreign companies in Armenia is a good investment environment.

“If these companies arrive in Armenia, new jobs will be created, added value will be created in the country, the budget will receive more revenue and in general, the economy will develop and people’s lives will improve,” she said.

According to Khechoyan, since the minister mentioned these companies, it means they are interested in the Armenian market, and it will be possible to talk about specific terms when the companies finally decide to enter the local market.

IKEA is a Swedish-based Dutch manufacturing and trading group of companies, the owner of one of the world’s largest retail chains selling furniture and household goods.

H&M is a Swedish company, Europe’s largest clothing retailer, headquartered in Stockholm and New York. H&M and its subsidiaries operate in 71 countries around the world with about 5,000 stores.

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