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One of the most important educational and cultural undertakings of our country was the foun­dation of the University of Economy and Law after Avetik Mkrtchyan. The University was founded in 1990 by academician Avetik Mkrtchyan. In 1990 the university was called "Progress Engineer". In 1992 the univer­sity was renamed into the University of Economy and Law with the following faculties: Law, Economy, Psychology, Foreign Relations.  In 1996 two more faculties were added: Foreign language, Pedagogy and methodology of primary education.

In 2000 the University has participated in the process of education qualification assessment in the  RA and was accredited by the Ministry of Education and Science, thus, providing its graduates with state diploma, opportune them to be employed at state and private institutions. Obviously, the status and the responsibility of the University increased persistent to the strict requirements of educational centre. The governing body invited experienced specialists in the sphere of pedagogy who mastered several foreign languages. In 2000-2001 academic years the university launched new double degree educational system (Baccalaureate and Magistracy) to comply with the international requirements and standards. In 2003 in Munich the University was awarded with a golden prize for its contribution in the field of science and education in the RA. The University is a member of Association of Private Universities and Trade Union.

In 2008 after the founder's death the University was renamed after Avetik Mkrtchyan.

The mission of the University is to prepare adequate high-qualified specialists for Armenian labor market and to use their knowledge and skills in benefit to the development of Armenia. A/most 5000 students have graduated from the UELM and are presently employed in various state international organizations.

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