14.95 million euros and 150 beneficiaries: results of the “EU4Business Innovative Tourism and Technology Development for Armenia (ITTD)” project

Today, at a gala event, the results of the EU4Business Innovative Tourism and Technology Development for Armenia (ITTD) project were summed up. The project, implemented by the GIZ, started in 2019 and was co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development.

Ambassador of the European Union to the Republic of Armenia, Head of Delegation, H.E. Vassilis Maragos welcomed all the members of the project and thanked them for the large-scale work done.

With a total budget of 14.95 million euros, 150 ventures and companies received technical and financial assistance, 126 partners received grants, and over 350 participants took part in various ITTD programmes. Thanks to ITTD, 1415 jobs were created and sustained. Over half of employees from supported enterprises are women and over 78% of enterprises have women in ownership or managerial positions.

“Through ITTD, we’ve witnessed remarkable initiatives flourishing in northern Armenia, revitalizing local economies and communities with innovative tourism ventures. These businesses not only highlight Armenia’s cultural heritage and natural beauty but also foster sustainable livelihoods. And support to the technology industry is unlocking Armenia’s potential as a tech innovation hub in the region” noted Erik Tintrup, Chargé d’Affaires of the German Embassy in Armenia.

“GIZ, through its entrusted projects, is proud and honored to assist the Government of Armenia to improve the socio-economic situation in the country. Through ITTD, we have seen how innovation can serve as a catalyst for transformative change. Together with our partners, we work towards the development of flexible and effective solutions that offer people better prospects to sustainably improve their living conditions in Armenia. We are looking forward to continuing our efforts towards economic and social development in Armenia.”; said the country director of GIZ Armenia, Mrs. Madeleine Rauschenberger.

Sisian Boghossian, Head of Tourism Committee of the Ministry of Economy of RA, noted: “The Tourism Committee has had the pleasure of working with the EU, BMZ, and GIZ over the last few years on creating marketing campaigns and implementing significant activities to elevate Armenia’s presence on the global tourism map, particularly through the development of a new destination website and the introduction of the new brand: Armenia, The Hidden Track. Our partnership has been wonderful, and the support is greatly appreciated.”

About the project

The goal of the EU4Business Innovative Tourism and Technology Development for Armenia (ITTD) project is to create innovative and diversified tourism enterprises in the northern regions of Armenia, as well as to promote and further develop the technology and innovation ecosystem of Armenia. Since 2019, the project has worked in close cooperation with its state partners; the Ministry of Economy of the Republic of Armenia and the Ministry of High-Tech Industry of the Republic of Armenia and has achieved impressive results.