Thawing relations with Azerbaijan and Turkey are creating opportunities for Armenia to expand its economy and emerge as a regional investment hub. The South Caucasus has hardly seemed an ideal place for investment in recent years. Azerbaijan’s successful military campaign to gain control over the ethnic Armenian-controlled region of Nagorno-Karabakh within its borders in September 2023, forced about 110,000 residents to flee to Armenia. Georgia, once a poster child for reform with the area’s