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2 ▸ Λ CURRENT STATE AND EXPECTATIONS Possibilities to Increase Production Volumes Possibility to scale up production volumes while retaining current level 0% (impossible) 1-10% of capital and the staff 11-25% 9%1% 20% 29% 41% 56% ✰ OVER HALF (53%) of SMEs in Armenia OPERATE AT MAXIMUM CAPACITY and are not able to increase production volumes without additional investments. 26-50% 61-% 51-100% 3240 2 times or more! 3% 12% Yerevan Marzes Source: 2019 SME research, Ameria CJSC 14

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