Yerevan (Armenpress) — One of the largest and most ambitious projects in Armenia’s tourism sector, Myler Mountain Resort, is nearing the completion of its first phase.

Armenpress has interviewed Tigran Harutyunyan, founder of Myler Mountain Resort, about the long-term investment project, its upcoming plans, investment opportunities, and the investment environment in Armenia.

-Myler is currently one of the largest tourism projects in Armenia, developing year after year. At what stage is the project currently, and what are your plans for the near future?

– Myler is a long-term investment project, which we have divided into several phases. When we refer to the first phase, we are talking about the completion of a specific section that will allow us to accommodate 5,500-6,000 skiers per day. This is the current capacity of the Myler ski slopes. In the near future, we will be adding another separate cable car and relatively short ski slopes specifically for beginners, as well as artificial snowmaking. We can confidently say that the first phase of the ski infrastructure will be fully completed.

However, to put the volume of 6,000 skiers into perspective, this number should represent about 50% of our daily visitors. So, if we receive 12,000 visitors per day, we will have 6,000 skiers. The first phase also includes building accommodations for 7,000 visitors, which means 3,000 hotel rooms. This is a significant number, especially when compared to about 14,500 hotel rooms available in all of Armenia.

In total, Myler already boasts two types of cable cars -a gondola and a chairlift -22 km of ski slopes with four levels of difficulty, 4 restaurants, the Qotot Ski Club and sports school, 2 fully equipped rental halls, and we can currently accommodate 100-120 visitors overnight in our newly opened chalets.

Starting this year and continuing for about three years, we will focus on building hotels and launching additional investment projects.

-Mr. Harutyunyan, in a recent speech you have  remarked that Armenia is not very attractive for foreign investments. However, you are also the founder of one of the largest investment projects in Armenia, with substantial experience in the field. What investment opportunities does Myler offer? Specifically, who can invest, under what conditions, and in which areas?

Given this context, currently, Armenia’s capital market remains underdeveloped, with limited opportunities for small-scale investments. The entry point for foreign investors is typically high, requiring them to independently identify and fund projects from start to finish. Through Myler, however, the goal is to offer investors the chance to participate in large-scale, promising projects with smaller investment tickets.

We plan three levels and directions of investment in Myler: for individuals who can own an apartment and an apartment number, which will provide stable income; for entrepreneurs who can acquire a specific land area and establish a commercial structure, such as a sports complex, racetrack, or other entertainment centers; and the third, which I mentioned and which is also our ultimate goal, is to directly invest in Myler, which will become an open joint-stock company and a listed participant in the securities market of the Republic of Armenia.

According to our phased division, in the 2027-2028 season, we will already have the opportunity to transform Myler into an open joint-stock company and also attract foreign investments through the securities market.

We also plan that starting from the 2027-2028, Myler will operate year-round, which in turn will contribute to having a stable income throughout the year. Therefore, investing in Myler means being closer to nature, adopting a healthy lifestyle, enjoying all seasons of the year, and making the winter season one of the hygge seasons.

The earlier the investments are made, the greater the capital gain, and Myler is one of the largest investment projects with great potential, promise, and perspective, providing an opportunity to make investments at the very early stage.

One of the advantages is that Myler is a free economic zone (FEZ): the organizations that invest will benefit from the advantages of being a resident of a free economic zone and will be exempt from profit tax and value-added tax.

-What advantages does becoming an open joint-stock company provide and, as the founder of such a large investment project, how do you assess investment opportunities in Armenia in general?

-Becoming an open joint-stock company offers several advantages. It provides an opportunity for individuals to make investments and contribute directly to the development of Armenia’s economy and stock market. The global trend is moving in this direction, and it is time for Armenia to modernize and be ready for foreign investments.

We often hear that foreign direct investments in Armenia are limited or absent, but the development of our market should first create this opportunity. The investment environment in Armenia will improve primarily through the combined efforts of local entrepreneurs, businesses, and the state. A great example for foreign investors is the success story of local investment programs, which provide measurable results and serve as a guarantee for making investment decisions in the country. Therefore, it is crucial to work with local investors, encourage and stimulate their activities, establish the right conditions for creating a favorable environment, and develop infrastructures that align with international standards.

A favorable investment environment implies clear legislative regulations that guarantee the security of investments. Transparency is also essential, ensuring that investors can access reports and analyses, at least in English (the more languages, the better), and be confident that the information provided is accurate and not distorted. The presence of Big Four audit firms is important, although only one of them is actively working in Armenia at the moment, possibly due to a lack of demand. Another key element is a more modern, effective, and understandable dispute resolution mechanism that aligns with international standards. Unfortunately, we often see cases where the interests of organizations and businesses are subordinated to the interests of individuals.

However, I am pleased to note that active and effective steps are being taken to improve the investment climate, particularly by the Ministry of Economy of the Republic of Armenia. This initiative aims to encourage organizations to become OJSCs, accelerating and facilitating their market entry, sometimes with the help of subsidies.

We are closely cooperating with the ministry to make the opportunities for modernizing this market toolkit available to more organizations.

As an active market participant, we regularly engage in discussions. I hope that all of this will encourage companies to seek financing from the market itself, rather than from the banking system, in the near future. I place great importance on legislative regulation, according to which listed organizations are exempt from dividend tax and personal income tax.

One of the main prerequisites for a strong state is a strong economy, and in the current difficult geopolitical situation, we need to direct our efforts and resources even more toward economic growth and development.

I am confident that Armenia can become a country with high investment attractiveness and broad opportunities for investments.