Armenia s competitive advantages center around the country s large pool of underemployed and highly qualified specialists, an inexpensive and skilled labor force, its historically entrepreneurial spirit, its strategic location as a Transcaucasian hub for international investments, and its close ties to its significant Diaspora particularly in the United States. Small entrepreneurs the very engine that drove the success of the U.S. economy are becoming increasingly common as Armenians begin to look to themselves as the architects of their own future. Overall, Armenia is taking positive steps to create a favorable environment for greater foreign direct investment. Armenia has already attracted multinational corporations, including Coca Cola, HSBC, Marriott Hotels, British Airways, Swissair, Bristol-Myers Squibb, Glaxo Wellcome, and SmithKline Beecham. While the October 27 assassination of Armenia's Prime Minister, Speaker of the Parliament and six other lawmakers was a tragic event, President Kocharian, in compliance with the Constitution, quickly appointed a reconstituted Cabinet headed by a new Prime Minister and Speaker of Parliament.
Corruption is endemic throughout the former Soviet Union and Armenia is no exception.
Its presence adversely affects foreign investment as well as local private sector initiatives. Armenia's political leaders openly recognize the need to clamp down on government corruption and, with the assistance of the United States and the World Bank, are developing an anti-corruption strategy. Armenia is now positioned to offer important market and investment opportunities to American companies. The following is a breakdown of each of these sectors. Electronics Armenia was a high tech hub for the production of computer and electronic equipment during the Soviet era.