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3 Λ INVESTMENTS AND INNOVATION SMEs which Invested into Innovation Share of SMEs which invested into business expansion in 2018, per cities (%, in the given group) Regional cities Investments in innovation per area -Yerevan Marketing 14% 13% -Regional cities 12% 10% 8% Yerevan 27% 16% Unique products for external market Management 6% Manufacturin 10% g 5% 3% 2% 4% 3% 6% Unique products for domestic market Innovations in production and marketing Source: 2019 SME research, Ameria CJSC particularly low in the regions. INVESTMENT areas are 21

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