Aquaculture sector is one of the fast-growing fields in Armenia which is however still untapped.

A new study released today by IFC, a member of the World Bank Group, based on the request of the Armenian Ministry of Economy indicates this.

According to the report, Armenia’s aquaculture sector is an important employer, a key food provider, and an engine for export-driven economic growth.

The report found that improving export and import procedures can help increase the competitiveness of aquaculture products. It also stressed the importance of addressing the challenges and opportunities of exporting to foreign markets, including the benefits of improved food safety practices, a stronger supply chain, and reduced administrative barriers.

“This review aims to help tap the country’s significant potential and thereby contribute to Armenia’s economic development,” said Arsen Nazaryan, the IFC Armenia Investment Climate Reform Project Manager.