From first Soviet computers to Silicon Mountains: Armenia is turning into a tech powerhouse: Forbes

December 11, 2023  14:55

The prestigious American Forbes magazine has published an article about Armenia, drawing attention to the rapid development of the country's technological sector. According to the magazine, Armenia is turning into a tech powerhouse with a presence of global players and a vibrant startup ecosystem.

Author Craig Smith presents the overall economic picture of the country, noting that the technology industry is now the fastest growing sector in Armenia, surpassing the mining and agriculture sectors, which are the main drivers of the economy, by 2023.

He also notes that Armenia is also attracting foreign investment. In particular, many of the most powerful technology companies are represented in Armenia: Adobe, Microsoft, Google, IBM, Cisco, etc. As a result, the country's economy is booming. According to the forecasts of the International Monetary Fund, in 2023 Armenia will have an economic growth of 7 percent, making the country the fastest growing economy in the region.

“The future of Armenian economic development in science-based, high-margin products,” RA Minister of High-Tech Industry Robert Khachatryan told Forbes. The minister explained this approach by the fact that Armenia does not have access to the sea, and logistics costs do not allow physical goods to be exported at competitive prices.

The author, in his turn, referred to various international ratings, which represent Armenia as a developing technological center of the South Caucasus region. Forbes explains the technological rise of Armenia not only with its historical heritage as one of the main technological centers of the USSR, but also with the great potential of the Armenian diaspora.

The magazine also notes that such well-known figures as Nubar Afeyan, co-founder of the biotechnology company Moderna, Alexis Ohanian, the co-founder of Reddit, Avetis Tevanyan, the former technical director of Apple and the creator of the macOS operating system, maintain their connection with their native country.

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