American company Microchip Technology, which producеs microchips and has a market capital of about $50 billion, is coming to Armenia, Minister of Economy Vahan Kerobyan said in an interview with Public Television of Armenia.

The minister informed that two years ago Microchip Technology made a preliminary agreement with Instigate company to create a joint team in Armenia, and Instigate successfully completed the work thanks to the school created within the company and the know-how formed in their company.

"And today, Microchip Technology, having acquired the Instigate Semiconductor company, is entering Armenia and planning to expand its team—also thanks to the cooperation with the same joint school," he said.

Microchip Technology was founded in 1989. As of 2021, the company has 19,500 employees, its revenue was $8 billion, and net profit was $349.4 million. The company's central office is located in Chandler, Arizona, USA.

Kerobyan recalled that last year NVIDIA, one of the leading players in microchip manufacture, came to Armenia, and already has more than 100 employees in the country.

One of the world's leading microchip companies, AMD, which is one of INTEL's direct competitors, also has come to Armenia.

"Also, many other companies are not only founding offices in Armenia, but are developing quite quickly, creating their university programs, gathering around them the ecosystem that will enable them to develop," he said.

Also, Vahan Kerobyan confirmed the information that well-known Shell company is also coming to Armenia, which will open three modern gas stations in the country this month.

The economy minister noted that it was quite difficult to bring this company to Armenia, but it is important for Armenia that the world's top 500 companies come to the country with their knowledge and know-how, which will help to train high-quality specialists in Armenia, to carry out important scientific and research work for the world, and will lead to the growth of productivity and innovations in Armenia’s economy.