Armenia’s economy has undergone a marked transformation in recent years, driven by growth in technology, financial services and entrepreneurship, along with rising investor interest. According to Cube Invest, those trends, combined with a stable and well-regulated financial system, provide a solid base for further development of the country’s capital market.
Speaking at the “INVESTMENT PERSPECTIVES 2026” forum in Yerevan, Cube Invest CEO Mikael Margaryan said Armenia’s capital market still has substantial untapped potential and that its pace of development could be brought closer to the country’s broader economic progress.
“Our economy is small, but rapidly transforming. Our technology sector is at an international level. The banking system and the financial system as a whole are stable and very well regulated. At the same time, the depth of the capital market still lags behind the real potential of our economy,” Margaryan said.
He said that gap needs to be narrowed through consistent work. He described the capital market as a key link that turns savings into investment, and investment into economic development.
Without that link, Margaryan said, companies expand more slowly, investors face a more limited set of instruments, and the economy continues to rely mainly on a single source of funding.
The Cube Invest chief also stressed that capital market development cannot be delivered by one institution alone. In his view, it requires a full ecosystem comprising a regulator that builds trust, a state that recognizes the market’s role, a developing exchange, well-prepared investors, and issuers ready to become more transparent and public.
