Monday, December 19 2016 19:04
Naira Badalian

Minister of Transport, Communications and IT: Armenian PicsArt application may become leading company in IT field of the country

Minister of Transport, Communications and IT: Armenian PicsArt application may become leading company in IT field of the country

ArmInfo. Minister of Transport, Communications and IT of Armenia Vahan Martirosyan considers that Armenian PicsArt application may become driving force of IT field in Armenia. The Minister came to this conclusion after having a number of meetings on various levels with the representatives of companies as well as start-ups in IT. ''Today PicsArt is famous all over the world and its market price is already estimated at $250 mln. We hope that soon the company may become the leading program in the country'', Vahan Martirosyan stated.

According to the Minister in order to boost development of Information and Communications Technologies activities for developing a legislation package have been launched. The Minister stated that the legislative reforms envisage setting tax benefits for the representatives of the field. ''The draft will be soon presented to the government'', the Minister stated. Work has almost finished on establishing 16 representative offices in Armenia's embassies aimed at demonstrating IT potential of the country. Work has launched on founding a Center of Cyber Security for ensuring IT systems security. Minimal standards have been developed, to which network operators providing services to state agencies should meet. At the same time according to Vahan Martirosyan nearly 500 mln drams will be saved as a result of optimization of work of IT providers of services to state bodies.

To recall, on November 3 Armenian Prime Minister Karen Karapetyan held a consultative meeting on the prospects of development of information and telecommunication technologies. "I need a program to turn the world upside-down.  What changes should we make so that your industry, your business and the market could develop in addition to specific programs? What is preventing you? I need to realize your policies in terms of both specialist training and increased productivity in the GDP." Karen Karapetyan said that the Government is going to establish an investment fund, which will provide a mechanism to assist businesses, including the field of information and telecommunication technologies.  The Prime Minister instructed the Minister of Transport, Communication and Information Technologies to work with IT sphere representatives in order to generate clear synergies and develop targeted measures to offer specific proposals with practical results.

Last year Forbes published top-50 startups of 2015, the companies most attractive for the investors. PicsArt mobile application by Armenian developers held the fifth position estimated at $250 mln. PicsArt graphic editor was developed in 2011 by Armenian start up company established by Hovhannes Avoyan and Artavazd Mehrabyan. It reached success in 201, when free application was developed for iOS and Android. The program which is available in 13 languages, has already been downloaded by 250 mln users all over the world. PicsArt is considered competitor of Instagram. It can be used for editing photos, making collages and drawing. It also has a built-in social network for sharing your photos. Some of the tools it has include crop, perspective, stretch, tilt shift, artistic filters, borders, masks, text, lens flare and speech bubbles. In 2015 PicsArt received investments amounting to $10 mln from US Sequoia Capital venture fund.

According to the data of 2015 there are 500 companies operating in IT field in Armenia. The field ensures 20-25% y-o-y growth annually. The share of IT field in GDP totals 3.8%. According to the development strategy of the field it is planned to increase IT field turnover to $1 bln by 2018.


News
ARMENAL marks 22nd anniversaryARMENAL marks 22nd anniversary
Armenia`s GDP growth in Q1 2022 exceeded pre-Covid rates by 8.6% per  annum Armenia`s GDP growth in Q1 2022 exceeded pre-Covid rates by 8.6% per  annum 
WB allocates another $25 million loan to Armenia for the development  of education systemWB allocates another $25 million loan to Armenia for the development  of education system
CBA puts into circulation collector coin Davit BekCBA puts into circulation collector coin Davit Bek
Vahan Kerobyan: Another record has been registered in the labor  market of ArmeniaVahan Kerobyan: Another record has been registered in the labor  market of Armenia
Flyone Armenia launches Yerevan-Antalya-Yerevan direct non-scheduled  flights from June 14Flyone Armenia launches Yerevan-Antalya-Yerevan direct non-scheduled  flights from June 14
Mher Grigoryan: The activities of the trilateral working group, to  unblock transport communications, are definitely productiveMher Grigoryan: The activities of the trilateral working group, to  unblock transport communications, are definitely productive
Team Telecom Armenia improved its mobile network coverage in Yerevan  and all regions of countryTeam Telecom Armenia improved its mobile network coverage in Yerevan  and all regions of country
Warsaw Stock Exchange to acquire 65.03% shares of Armenia Securities   Exchange Warsaw Stock Exchange to acquire 65.03% shares of Armenia Securities   Exchange 
EAEU considers possibility of forming fundamentally new model of  monetary and financial regulationEAEU considers possibility of forming fundamentally new model of  monetary and financial regulation
Tender package for construction of M1 Yerevan-Gyumri-Bavra road  section of North-South project has been approvedTender package for construction of M1 Yerevan-Gyumri-Bavra road  section of North-South project has been approved
Armenia allocates AMD 5.6 billion for socio-economic development of  regions within subvention programsArmenia allocates AMD 5.6 billion for socio-economic development of  regions within subvention programs
Armenia`s pensioners to get 10% cash-back on payments Armenia`s pensioners to get 10% cash-back on payments 
Team Telecom Armenia becomes technology partner of KoreezTeam Telecom Armenia becomes technology partner of Koreez
Armenia to receive $20mln share from customs duties collected in EAEUArmenia to receive $20mln share from customs duties collected in EAEU
Pashinyan receives Executive Director of World Trade Centers  AssociationPashinyan receives Executive Director of World Trade Centers  Association
Vahan Kerobyan on goals of MoE: Vahan Kerobyan on goals of MoE: "Dry Port" of Gyumri will provide 3%  of Armenia`s GDP 
Evocabank replenishes its share capitalEvocabank replenishes its share capital
"The state collects taxes from the economy, but does not spend, thus  reducing economic activity": Luys Foundation 
Investin.am business portal for Private Equity has been launched in  ArmeniaInvestin.am business portal for Private Equity has been launched in  Armenia
YOY inflation in Armenia in April 2021 was 8.4%, and in January-April  alone - 5.8%YOY inflation in Armenia in April 2021 was 8.4%, and in January-April  alone - 5.8%
Branch of International Coaching Federation has been opened in  ArmeniaBranch of International Coaching Federation has been opened in  Armenia
Gnel Sanosyan discusses new agreement on gas-for-electricity program  with Iranian Petroleum Minister Gnel Sanosyan discusses new agreement on gas-for-electricity program  with Iranian Petroleum Minister 
RA High-Tech Industry Minister, French Ambassador discuss Armenia`s  participation in VivaTech 2022RA High-Tech Industry Minister, French Ambassador discuss Armenia`s  participation in VivaTech 2022
MoE reports on results of World Bank`s CARMAC2 programMoE reports on results of World Bank`s CARMAC2 program
Central Bank of Armenia: Prices for food and energy  are expected  to stay at high levelCentral Bank of Armenia: Prices for food and energy  are expected  to stay at high level
CMTPL loss ratio in Armenia decreased from 86% in 2021 to 67% by May  2022CMTPL loss ratio in Armenia decreased from 86% in 2021 to 67% by May  2022
Evocabank to help Armenian postal operator introduce financial  servicesEvocabank to help Armenian postal operator introduce financial  services
Remittances of labor migrants from Russia decreased, while transfers  of Russians increased: Central Bank of ArmeniaRemittances of labor migrants from Russia decreased, while transfers  of Russians increased: Central Bank of Armenia
Armenia, Iran reached agreement to remove obstacles to increase trade  between two countriesArmenia, Iran reached agreement to remove obstacles to increase trade  between two countries
Wildberries launches direct sales from Armenian entrepreneursWildberries launches direct sales from Armenian entrepreneurs
Armenia`s Minister of Economy WB Country Manager discuss CARMAC IIArmenia`s Minister of Economy WB Country Manager discuss CARMAC II
Armenian, UAE  FMs discuss bilateral cooperation Armenian, UAE  FMs discuss bilateral cooperation 
Armenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration systemArmenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration system
According to UBA level of profitability of the Armenian banking  system is quite lowAccording to UBA level of profitability of the Armenian banking  system is quite low
$10 million to be invested in construction of multifunctional  business center in Dzoragyugh district of Yerevan$10 million to be invested in construction of multifunctional  business center in Dzoragyugh district of Yerevan
Converse Bank bonds can now be purchased via the mobile applicationConverse Bank bonds can now be purchased via the mobile application
UBA: Net inflow of private transfers to Armenia increased by 45% per  annum in Q1UBA: Net inflow of private transfers to Armenia increased by 45% per  annum in Q1
Seyran Sargsyan: The reduction in non-resident deposits had a  negative impact on the total volume of bank depositsSeyran Sargsyan: The reduction in non-resident deposits had a  negative impact on the total volume of bank deposits
UBA: Volumes of lending to the Armenian economy have grown in almost  all areasUBA: Volumes of lending to the Armenian economy have grown in almost  all areas
Team Telecom Armenia to start business data center construction Team Telecom Armenia to start business data center construction 
Discount system in cashless transactions for pensioners to be  introduced in Armenia Discount system in cashless transactions for pensioners to be  introduced in Armenia 
Armenia`s government to allocate  $10mln to road renovation Armenia`s government to allocate  $10mln to road renovation 
Passenger traffic in Armenia reached 40% growth in Q1Passenger traffic in Armenia reached 40% growth in Q1
Armenia, Iran simplify mutual access of investors to FEZ markets of  two countriesArmenia, Iran simplify mutual access of investors to FEZ markets of  two countries
Armenia`s communications sector revenue in Q1 2022 increased by 6.8%Armenia`s communications sector revenue in Q1 2022 increased by 6.8%
Armenia reduced wine production in Q1Armenia reduced wine production in Q1
Pashinyan receives Alexei Overchuk and Andrey RudenkoPashinyan receives Alexei Overchuk and Andrey Rudenko
Tourist flow to Armenia starts to recoverTourist flow to Armenia starts to recover
ARMSWISSBANK receives EBRD award ARMSWISSBANK receives EBRD award "The most Active Issuing Bank in Armenia for 2021"
Natural population decline was recorded in Armenia Natural population decline was recorded in Armenia 
Armenia`s population decreased by 2.3 thousand people by April 1,  2022Armenia`s population decreased by 2.3 thousand people by April 1,  2022
S&P Global Ratings assigns S&P Global Ratings assigns "B-" (Local Currency LT credit rating) to  ASCE Group
Armenia spares no effort for North-South energy corridor program to  be implemented in shorted period - minister Armenia spares no effort for North-South energy corridor program to  be implemented in shorted period - minister 
Turkey never agreed on construction of dams on Aras River with other  countries of basin - Ali Akbar MehrabianTurkey never agreed on construction of dams on Aras River with other  countries of basin - Ali Akbar Mehrabian
Armenia, Iran to consider to increasing gas supplies from Iran to  ArmeniaArmenia, Iran to consider to increasing gas supplies from Iran to  Armenia
Hayk Yesayan: Introduction of 5G in Armenia in the next couple of  years will be inexpedientHayk Yesayan: Introduction of 5G in Armenia in the next couple of  years will be inexpedient
Armenia, Iran to sign memorandum to develop cooperation in number of  areasArmenia, Iran to sign memorandum to develop cooperation in number of  areas
Another intermediate subway station to be built in YerevanAnother intermediate subway station to be built in Yerevan
FinRating ArmInfo: Travel insurance has grown in terms of the number  of contracts concludedFinRating ArmInfo: Travel insurance has grown in terms of the number  of contracts concluded
Read more


Exchange rates
24.05.2022
RUB8.020.13
USD452.70-3.03
EUR484.71-1.87
GBP566.33-7.02
CAD354.06-2.68
JPY35.52-0.22
CNY68.01-0.26
CHF468.63-2.99