U.S. goods and services compete successfully for market share, and U.S. investment in Armenia has increased notably since 2017, particularly in the mining and energy sectors.  For example, Lydian’s Amulsar mining project (over $500 million to date) and ContourGlobal’s investment in the Vorotan Hydropower Plant ($230 million) have been two of the largest foreign investments in Armenia.  Sectors in which U.S. companies have key market opportunities include conventional and renewable energy, including civil nuclear technology, agriculture, extractives, tourism, information and communications technology (ICT), and retail.  Promising emerging areas include wine, textiles, and pharmaceuticals.  A longstanding decline in Armenia’s public capital stock as a share of gross domestic product implies that U.S. businesses should stay attuned for opportunities to participate in major infrastructure projects, including for highways/transportation routes and utilities.  The development of legislation and implementing regulations around public-private partnerships stands to give U.S. firms new means of participating in such projects.