It is already a few months, that ICARE is implementing the “Armenian Economic Growth” project which is funded by the International Finance Corporation, a member of the World Bank Group.
The Project aims to improve the RA’s ability to attract export-oriented foreign direct investment (FDI) in high value-added segments and promote exports of specific agricultural products. The reforms are coordinated by the Ministry of Economy with the technical assistance from the IFC.
Within the scope of the project, ICARE should have developed a comprehensive and in-depth survey and market analysis of Middle Eastern markets for horticultural products, such as flowers, berries, and other products specified by the project team. The research study called ” Middle East as an Alternative Market for the Republic of Armenia” was the most important component of the project and on June 5.
The study aims at exploring the existing trade patterns, studying relevant trade data and import statistics, and eventually provide recommendations based on the results achieved. Particularly, the ICARE Research team should identify the specific markets, which should be targeted, and propose a relevant marketing strategy, define the geographic priorities, investigate the possible import restrictions.
In Addition, the team makes recommendations on how to position the products in a particular country, study the competition, and appropriate distribution channels.
During this time ICARE has conducted interviews with potential importers to discuss the market segmentation and successful marketing plan for Armenian products.
On June 5, the ICARE Research team presented the primary research outcomes to its main stakeholders through the ZOOM Platform.
Particularly, the research team presented the main products and the secondary products identified for the export, additionally, the main Middle East countries were emphasized as a destination for the products.
The stakeholders were introduced to the main market structure of the project targeted countries, the main players, market segmentation in identified countries separately.
The meeting was saturated with questions and answers, and the stakeholders contributed to the meeting with their valuable feedback and comments.