Economy minister: Close to 2,000 high-tech companies, about 50,000 specialists moved to Armenia in one year

Due to the situation in Ukraine and the sanctions against Russia, about 2,000 IT companies—mainly from Russia—as well as about 50,000 programmers and other high-tech specialists have moved to Armenia over the course of the past year. Armenia's Minister of Economy Vahan Kerobyan announced this Friday during the DigiTec 2022 forum in capital Yerevan.

According to him, these indicators prove that the open economy model operating in Armenia attracts representatives of the high-tech sector. The minister informed that the Armenian government is taking a number of assistance measures for business modernization in Armenia.

According to him, one of these means is subsidizing interest on loans for the purchase of new equipment, and the other is partial subsidizing of the salaries of invited high-level specialists. More than 1,200 applications have already been received under the first program, and about 300—within the framework of the second one. The third component will be activated soon, and it is the subsidizing of the costs of digitalization of business processes. The minister of economy emphasized that all these projects will contribute to increasing the productivity of IT companies in Armenia.

The DigiTec 2022 forum and the DigiTec technology expo started today at the Karen Demirchyan Sports and Concerts Complex in Yerevan. The DigiTec Expo is the largest technological event in the region, which every year since 2005 provides an opportunity for more than 100 IT companies to present their products and services. It is organized by the Union of Advanced Technology Enterprises (UATE) of Armenia. The event scheduled for October 2022 was postponed due to the situation in Armenia as a result of Azerbaijan's aggression.