Armenia’s mining and metallurgical industry can become the main financial and human-capital foundation for the development of the country’s high-tech and defense sectors. This was stated today by Vardan Jghanyan, First Deputy Director General of the Zangezur Copper-Molybdenum Combine, during panel discussions held as part of the first Armenian defense industry exhibition RISE-2026.

A “Chinese Model” for Armenia

Jghanyan proposed drawing on China’s experience, where revenues from export-oriented industries are deliberately directed toward the development of strategic sectors of the economy.

“The mining industry is one of the few sectors capable of generating billions of dollars for Armenia’s state budget. These funds can and should be invested in the development of the defense industry and high technologies,” he said.

He noted that the sector currently contributes around $300 million annually to the state budget, but its potential is significantly higher—up to $1 billion in annual budget revenues within the next few years.

“There is no other industry in Armenia that could provide such growth in budget revenues over the next three to five years,” Jghanyan emphasized.

The Only Limits Are in Our Minds

The speaker also addressed the common argument that Armenia is a small country with limited resources. In his view, the main constraints are not objective but psychological.

“We are not small, and we are not limited. The limitations exist in our minds. If we change our way of thinking, we will have a completely different economy,” he said.

As an example, Jghanyan cited Canada, a country that, despite having a much smaller economy than the United States, has become one of the world’s most developed nations largely thanks to its powerful mining sector.

Building the Workforce of the Future

Jghanyan also highlighted the mining industry’s potential contribution to the defense sector through workforce development. According to him, the mining and metallurgical complex is one of Armenia’s most knowledge-intensive industries, with strong demand for engineers, chemists, mechanics, and other technical specialists.

“These specialists, after gaining experience in our industry, will be able to transition into the defense-industrial complex and contribute to its development,” he noted.

Concluding his remarks, Jghanyan expressed hope that the event would become an annual platform for strengthening cooperation between Armenia’s mining industry, scientific community, and defense sector.