High-tech industry turnover in Armenia to increase by about 60%, Deputy Speaker claims

In 2022, the turnover in the high-tech industry in Armenia will increase by about 60% which will make about 430bln AMD.

At that, the turnover of high-tech companies will make about 5% of GDP, Hakob Arshakyan said during Armenia Engineering Week 2022 event.

According to him, this year, as well as last year, the sphere of hi-tech industry has shown record growth rates, which also affected the economy of Armenia. This year, Armenia has recorded a 13% economic growth and become one of the three countries with the highest economic growth in the world. In his opinion, high-tech companies have played a major role here.

Arshakyan also said that financing of the sphere of science in Armenia has increased by 80% and more in 2022 and will rise further in 2023.

"We expect impressive achievements in terms of science development. Radical changes are also taking place in the defense industry. We are talking about the transition from development to serial production, as well as an unprecedented volume of state orders triggered to defense industry enterprises," the deputy speaker of parliament noted.

He also noted the need for an institutional link between education, science and production, which will contribute to a faster development of the economy.

On December 24 the events of Armenia - Engineering Week 2022 will continue in the Engineering Town, and the final event will be held on December 25 in the Vanadzor technological center.