ArmInfo. The Armenian government at the meeting on March 1 approved the concept of creating an "Engineering City" and a schedule of activities stemming from the document.
Minister of Economic Development and Investments Suren Karayan stated that the goal of the program is to turn Armenia into a country that exports engineering and high-tech products and services to the global market, as well as to the regional hub of innovative solutions.
To create the "Engineering City" selected area of 3 hectares on the street. Bagrewand. The program is planned to be implemented on the basis of public-private partnership. The planned investment volume will be $ 21.2 million, of which $ 10.5 million will be co-financed by the state under the World Bank's credit program "Trade and Quality Infrastructure Promotion." The rest is invested by National Instruments AM and a consortium comprising 14 joint-stock companies The program is expected to become self-sufficient for the fourth year of its operations.
Within the framework of the project it is planned to train and retrain 1500 specialists in the field of engineering and high technologies. 2000 new workers will be created and 20 new enterprises in the field are founded. It is also expected to increase the efficiency of companies by 40%, export volumes have increased by 30%.
As noted in the draft decision, the implementation of this IT project will contribute to the further development of technology and high technologies in Armenia, which in turn will increase the competitiveness and productivity of the Armenian economy.
