Republican Party of Armenia

Prime Minister Hovik Abrahamyan attended an international IT symposium referred to as “IT outsourcing and investment.” In his welcoming speech, the Prime Minister noted that the availability of a favorable investment and business environment, adequate infrastructure, the development of sectors with export potential and the existence of competitive advantages in these industries are those major factors that make of Armenia an interesting and attractive harbor for investors.

“Our investment policy is formed and implemented on liberal principles and is aimed at Armenia’s integration into the global economy. Currently there are a number of preferential trade regimes, labor is well trained and qualified, exports are not taxed; nor is there any quantitative restriction on exports. Besides, Armenia has the lead in terms of economic freedom and doing business in the CIS countries. This is evidenced by the ratings published by various international organizations,” the Premier said.

Hovik Abrahamyan emphasized that information technology is the fastest growing sector of Armenia’s economy, with significant progress recorded in this area over the past few years.

“This industry has a number of competitive advantages in Armenia, including in particular, highly skilled professionals strong with deep engineering knowledge and business skills, low operating costs, extensive experience of cooperation with large multinational companies, as well as a best international standards-compliant legal framework for the protection of intellectual property. Our main goal is to support the development of an advanced and globally recognized domestic IT industry.

Specifically:
Create information and communication technology infrastructure in line with best international standards, which will promote the development of the IT sector and the information society;

Strengthen Armenia’s information and communication technology infrastructure, as well as ensure Armenian companies’ penetration into the global marketplace, particularly in the IT sector and target market segments with high growth potential;

Through the development of information and communication technology infrastructure and information society, promote growth in the IT and high-tech sectors, increase revenue, and build up a knowledge-based economy.

Today Armenia’s IT sector is not behind the development of the global economy. The number of those IT companies developing their own products, investing in manufacturing and research and experimental work is increasing every year, which is a positive indicator that reflects the fact that besides being an outsourcing market for foreign companies, this sector becomes a technological hub.

Overall, about 70% of IT companies’ production is exported. The largest share of exports, about 79.5 percent, goes to the US and Canada, 10.8 percent to Europe, 8.4 percent to Russia and CIS countries. Given the aforementioned achievements, the Government will henceforth be persistent in ensuring the continuity of its policy for the IT industry,” the Prime Minister concluded, wishing the participants effective work.