The recent Cyprus-Armenia Networking Event, held under the umbrella of the Best Invest Congress in Limassol brought together three equal parts: Armenian business leaders visiting from Armenia, Armenians living and working in Cyprus, and Cypriot entrepreneurs eager to develop partnerships with Armenia. This dynamic gathering emphasised not only shared cultural heritage but also significant economic potential – this was highlighted by Limassol Mayor Yiannis Armeftis who welcomed the guests.

Armenian Businesses: Innovation and Craftsmanship

Three Armenian business communities were present during the event:

• The Armenian Businessmen Association – an NGO with over 3,000 residents globally, focuses on uniting Armenian entrepreneurs and creating international business opportunities. They have partnerships in countries like Hong Kong, Russia, China, the UAE, and now Cyprus.
• IBRS Council for International Cooperation that has over two decades of experience helping Armenian businesses reach international markets. Their support includes business process consulting, training, participation in international exhibitions, and setting up operations abroad. Their success story includes a €6 million investment from Cyprus into an Armenian-led jewellery market and production facility in Limassol.
• Mantashyants Business Club – an organisation promoting business cooperation between Armenians in the world. This is the largest Armenian international business club globally.

Among participants there were owners of an IT firm focused on software and startup development, tour agency and tourist marketplace, Armenia’s producer that pioneers in natural and organic cosmetics, family-owned manufacturer of furniture and mattresses with over 30 years of experience. These companies are looking to enter the Cypriot market.

These businesses expressed clear interest in cooperation in IT, manufacturing, cosmetics, tourism, and cross-border e-commerce.

Limassol Mayor Yiannis Armeftis in his welcome address summarised the aim of the meeting: “Let today be the beginning of many new opportunities. I am confident that the relationships formed during this event will serve as an excellent example of economic diplomacy — a tool that strengthens the bonds between Cyprus and Armenia, not only in business, but also in friendship and shared ambition”.

Mayor of Limassol Yiannis Armeftis addresses the participants of the event

Successful Business Leaders’ Club Stories: Partnership in Action

The event also celebrated successful collaborations already in motion. One of the most tangible outcomes from a previous visit to Armenia was a distribution agreement signed by a Cypriot wine importer, making him the official representative of Armenian gin in Cyprus. This partnership materialised during the April 2025 trip and reflects how quick and direct results can come from structured networking.

More deals are in the pipeline in various spheres, mainly in industrial production and services.

Another example is how the results of the previous trip of SBL Club (April 2024). A lawyer who participated in this delegation shares:
“During the year pasted from that trip we established a very good relationship with two accounting firms and we have already exchanged clients, supporting them with our joint expertise in Cyprus and Armenia. We had a lot of requests coming from Armenia to establish (for example) a gaming company and an IT company, so we supported this with legal and tax advising, we explained how to structure the companies in order to relocate some employees to Cyprus and to get tax benefits: corporate and personal for these businesses’ owners.”

Cyprus as a Gateway to Europe

The event underscored Cyprus’ strategic role as a business platform for Armenian entrepreneurs aiming to access European markets. With its robust legal and tax systems, Cyprus offers an attractive base for Armenian companies to establish EU operations, easing exports and ensuring regulatory compliance.

In turn, Armenian companies – especially those involved in manufacturing, natural products, and IT– could consider establishing production hubs in Cyprus. This would not only facilitate smoother access to the EU market but also reduce trade-related costs and barriers.

In her welcome letter addressed to participants of the meeting, H.E. Ambassador of Armenia to Cyprus Mrs. Inna Torgomyan encouraged them to seize this opportunity to forge meaningful partnerships that will contribute to the prosperity of both our nations. “The shared history and enduring friendship between our nations provide a solid foundation for exploring new avenues of cooperation, particularly in establishing joint ventures and enhancing mutual investments.” – underlined the Ambassador in her address

Future Directions

Both sides identified multiple priority sectors for collaboration:
• Tourism – joint packages, infrastructure investment, and cultural tourism
• Food & Beverage – import/export, organic products, and distribution
• IT & Startups – outsourcing, joint ventures, and access to new talent pools
• Manufacturing & Logistics – production for the EU market via Cyprus

As Dr. Natalia Kardash, the founder of the Successful Business Leaders Club and the organiser of this meeting, noted, the event was not about speeches but about building trust, initiating dialogue, and forming actionable plans. Follow-up meetings and continued communication will be key to turning these opportunities into concrete ventures.

Gohar Ghumashyan, Executive Director, Armenian Businessmen Association

This meeting has set a strong foundation. The shared vision is clear: to transform mutual admiration into practical collaboration that benefits both economies—creating not only joint ventures but lasting relationships between Armenia and Cyprus.

Tigran Ghazaryan, CEO, International Business Relations Support (IBRS) Council (Armenia)

Τhe event was organized by the Successful Business Magazine and the Successful Business Leaders’ Club.