Before its independence in 1991 and when Armenia was still a part of the U.S.S.R, much of the country’s economy was industry-based, ranging from electronics and machinery production to processed food, chemicals and textiles.
At this time, output included electric motors (9%), metal-cutting machine tools (5.5%), knitted wear (4.4%), hosiery (3%), shoes (2.2%), washing machines (2%), forging-pressing machines (1.9%), tires (1.5%) and many others. Now, much of that industry is shut down.
Armenia’s industrial sector took a strong hit following the collapse of the Soviet Union. Like other newly independent states in the region, Soviet investment in the Armenian industry became virtually nonexistent and most sectors were unable to stay alive.
Despite the challenge, Armenia has since started to develop a more modern industrial sector, focusing on areas like technology and tourism. In fact, in 2012, the Intel Corporation announced plans to open a scientific research center in Armenia, illustrating the growth of the tech industry in the country.
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