The Government of Armenia has decided to allocate financial support in the amount of 7 billion Armenian drams ($18 million) to companies in the information technology sector.
This decision was made at a cabinet meeting on May 8 and involves reallocating funds to the Ministry of High-Tech Industry.
According to this decision, the aim of the funding is to provide state support to commercial organizations and individual entrepreneurs in the field of information technology.
It is planned that in 2024, state support will be provided to 55 organizations in the amount of 5 billion drams ($13 million), and in 2025 - 2 billion drams ($5 million).
The government is confident that such financial support will play a significant role in the development of the IT sector in the country and will also contribute to creating a competitive environment for businesses and attracting highly qualified specialists.
According to documentation, during the previous period, state support was provided to 47 organizations in the total amount of 7.8 billion drams ($20 million). This has allowed for the creation of approximately 5854 new jobs.
Taking such measures has helped to preserve existing jobs and salaries for employees amidst changes in the global market and has stimulated the creation of new jobs in the field of information technology.
Earlier, BMG reported that the turnover of Armenia's IT sector in 2023 amounted to 837 billion drams ($2.12 billion), which is 252 billion drams (over $630 million) or 43% more than in 2022. Approximately 87%, or 755 billion drams ($1.91 billion), of the IT sector's turnover was realized in external markets (i.e., exported), while 13%, or 114 billion drams, was in the domestic market.
