Armenia retains 21st place in OECD ranking of openness to foreign direct investment
Armenia has retained 21st place among 106 economies for the lowest level of statutory restrictions on foreign direct investment (FDI), staying in the most open quartile. According to the 2025 FDI Regulatory Restrictiveness Index of the Organisation for Economic Co-operation and Development (OECD), Armenia’s regime is more open than those of Georgia, Moldova, France, the United States and Russia. The country’s score of 0.0165 has not changed since 2018.
The index (FDIRRI) measures statutory measures that discriminate against foreign investors across 22 sectors. It covers four types of restrictions: foreign equity limits, screening and approval of foreign investment, restrictions on key foreign personnel, and other operational restrictions, such as limits on buying land. Scores range from 0 (fully open) to 1 (closed) and reflect regulation in force on December 31, 2025.
Armenia’s score
Armenia scores 0.0165, unchanged in every year available in the OECD database: 2018, 2021, 2022, 2023, 2024 and 2025. The index was not published for 2019 and 2020. Its rank has nonetheless improved as other economies moved: Armenia was 23rd of 106 economies in 2018, 22nd in 2021, and has held 21st place since 2022.
Where the restrictions apply
The score is formed by restrictions on foreign capital in two sectors. Air transport and airport services account for 0.012: air transport itself contributes 0.0096 (passenger and freight 0.0048 each), and airport services 0.0024. The Law on Aviation allows flights only by aircraft registered in Armenia. An air operator certificate is issued to a company at least 51% owned by Armenian citizens or legal entities.
Broadcasting adds 0.0045 (television and radio 0.00225 each). Under the 2020 Law on Audiovisual Media, foreign capital may not hold 50% or more of the voting rights in a private broadcaster or multiplex operator unless an international treaty provides otherwise.
In all other sectors, foreign investors operate on equal terms with domestic ones. These include agriculture, forestry and fisheries, mining, all of manufacturing, electricity, construction, trade, land and water transport, hotels and restaurants. The list also covers publishing and film, telecommunications, banking, insurance and other financial services, real estate, and legal, accounting, auditing, engineering and architectural services.
Armenia has scored zero in every year on the index’s three other restriction types: screening and approval of foreign investment, restrictions on key foreign personnel, and operational restrictions, including on land acquisition.
Compared with the region and partners
The United Kingdom is the most open economy, with Germany 9th. Montenegro (20th, 0.0163) sits just ahead of Armenia, followed by Moldova (22nd, 0.0173), France (25th) and Georgia (26th, 0.0233). Kazakhstan ranks 37th, Russia 44th (0.0500), the United States 45th, Azerbaijan 46th (0.0546), Ukraine 51st, Belarus 56th, Türkiye 65th, Uzbekistan 80th and the Kyrgyz Republic 89th.
Averages
The average score across the 106 economies was 0.1194 in 2025 (0.1192 in 2024). OECD members average 0.0509, non-OECD economies 0.1576, Europe and Central Asia 0.043 and EU member states 0.0293. Armenia is among the 44 economies (42%) whose regimes are more open than the OECD average.
Worldwide
In 2025, scores were unchanged in 95 economies, declined in 7 and rose in 4. On average, restrictions are highest in media, real estate, transport, agriculture, fisheries and professional services.
