Two hotels and souvenir production open in Syunik province of Armenia as a result of EU support

Two hotels and souvenir production open in Syunik province of Armenia as a result of EU support

Three new enterprises have opened in Sisian and Goris cities in the Syunik region of Armenia, in the frameworks of the EU-funded project on ‘Boosting Competitiveness of regional SMEs, implemented by SME DNC as part of the EU4Business initiative. 

Speaking at the opening ceremony, SME DNC Executive Director Levon Mnatsakanyan said, “the activities of the newly opened enterprises will contribute to the development of tourism in the region.”

The Van and Meghu hotels were opened in Goris and a souvenir production enterprise was established in Sisian. All three SMEs participated in the ‘Successful Start’ start-up business support programme implemented by SME DNC as part of the project. 

At the end of the training, they received a loan guarantee within the framework of the SME state support annual programme, while the ‘Boosting Competitiveness of regional SMEs’ project provided the enterprises with an overall grant of 5 million AMD.

Renovations and furnishing were carried out in the hotels with the help of the loan guarantee and grant. The SME engaged in souvenir production acquired raw materials, sewing machines and other equipment and has started to produce traditional souvenirs. 

Mnatsakanyan also visited a souvenir production in Goris, where Aram Gasparyan, the founder of the company Re-rise, has benefited from start-up training and also received a loan guarantee. He also received a grant from the project, allowing him to acquire new equipment and produce souvenirs with local motifs.

Boosting Competitiveness of Regional SMEs is a project funded by the EU under its EU4Business initiative. The project works to boost the competitiveness of regional SMEs and to create employment opportunities in the Armenian regions of Lori, Syunik and Armavir, focusing on the sectors of food-processing and tourism. It promotes the development of entrepreneurship by creating favourable conditions for start-ups and strengthening the capacity of local SMEs, while also providing relevant skills to job seekers, and developing local capacity to encourage the further promotion of economic development initiatives. 

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