Modex is an advisory company that provides consulting services to international organizations, private and public sector clients.

Modex advisory offers a wide range of services for private companies, including preparation of a financial model of an investment project, feasibility study, development of a business plan, market research, etc.

Modex helps public sector organizations in effective policy development, public finance management, in conducting comprehensive socio-economic studies, and sector analyses.

In addition to providing services to private and public sector clients, Modex advisory also provides consulting and research services for international organizations.

Modex advisory company was founded in 2017.


Haykaz Fanyan



The Impact of the COVID-19 Crisis on Armenia’s Foreign Trade

With funding from the Asian Development Bank (ADB), in 2020 Modex conducted a study on the impact of the COVID-19 pandemic on Armenia’s foreign trade for the RA Ministry of Economy.

Within the framework of the study, Modex evaluated the impact of COVID-19 on the import and export of Armenia, revealed the problems related to the supply chains of selected products and the consequences of the outbreak of the pandemic on the large producers of the manufacturing industry.

International Talent in the Technopreneurship Ecosystem of Armenia. Needs Assessment and Concept Development

In 2020, with the funding of the German Corporation for International Cooperation (GIZ), Modex in cooperation with Enterprise Incubator Foundation (EIF) carried out a needs assessment of the technological entrepreneurship ecosystem of Armenia and concept development. Within the framework of the project, Modex studied the current state of technological entrepreneurship in Armenia, performed a SWOT analysis of the ecosystem from talent attractiveness perspectives – based on in-depth interviews, and proposed measures for attracting international talents. Based on the study of international best practices, a concept was developed, including a model of financial forecasts, to systematically organize this process.

Financial modeling and business model development for SunLand LLC

In 2020, Modex carried out financial modeling and business model development for SunLand LLC, which is engaged in the production of dry fruits. Within the framework of the project, Modex developed a pricing strategy, carried out a forecast of financial results, developed a financial model and business plan with the involvement of industry experts, and prepared a project description for potential investors/donors.

Modex project 4
Productivity analysis for the Industrial Strategy of Armenia – 2030

In 2019, Modex participated in the development of Armenia’s industrial development strategy. Within the framework of the project, Modex carried out a calculation of productivity in Armenia, a comparative analysis of productivity in Armenia and peer countries, conducted in-depth interviews with representatives of Armenian subsidiaries of major international corporations, and prepared recommendations for boosting productivity.

Modex project 5
Feasibility study for a wine factory in Vayots Dzor

In 2020, by order of a foreign private investor, Modex, with the involvement of experts in the sector, carried out a feasibility study of the establishment of an intensive vineyard and a wine factory in the Vayots Dzor region, including the development of a technical plan for the establishment of a vineyard, calculation of the production equipment needs of the wine factory, preparation of a financial model and market research.