Monday, March 13 2023 11:26
Alina Hovhannisyan

Armenia on way to modernization of major branches of its economy -  vice-premier

Armenia on way to modernization of major branches of its economy -  vice-premier

ArmInfo.Armenia is on the way to modernization and innovative re-equipment of the major branches of its economy, Armenia's Vice-Premier Tigran Khachatryan stated at the Investor Day event organized by Enterprise Armenia and the USAID Armenian Business Enabling Environment Project.

The importance of technological progress and introduction of  technological solutions in various branches of economy can hardly be  overestimated. Therefore, Armenia's government continues its steps to  develop a competitive ecosystem capable of creating favorable  conditions for world-famed technological companies to enter Armenia's  market as well as for local startups' effective activities. 

U.S. Ambassador to Armenia Kristina Kvien attended the event as well.   USAID supports the development of the economy in Armenia. Ambassador  Kvien and USAID/Armenia's Deputy Mission Director, Rebecca White,  participated in the Investor Day event organized by Enterprise  Armenia and the USAID Armenian Business Enabling Environment Project. 

"I am happy that with USAID's support, the Government of Armenia and  the industry participated in a constructive dialog addressing  industry issues and crafting needed solutions. The United States  government stands ready to continue our support of Armenia's efforts  to attract foreign direct investment," said Ambassador Kvien.  

The main goal of the event was to discuss the systemic issues  identified by IT companies within the framework of the aftercare  services of Enterprise Armenia. The objective was to encourage  dialogue between the government authorities, industry experts, and  the business community to outline possible solutions and develop a  roadmap for future actions.

Three panel discussions among the Government of Armenia and the  private sector were held during the event. The discussion addressed  the sector's most pressing issues such as the shortage of skilled  specialists; the unsatisfactory quality of education in science,  technology, engineering and mathematics specializations in Armenia's  higher education institutions; and the lack of general data  protection regulations in Armenia.

In 2022, Armenia's IT and Telecommunications sector recorded a growth  from 7.4% up to 65%, with its proceeds totaling AMD 570.4bln  ($1.3bln). The IT and Telecommunication services are dominant, with  their share being 77.7% or AMD 443.4bln (a 44.6% year-on-year  growth), with AMD 167.7bln IT services provided (a 75.7% year-on-year  growth), and AMD 132.1bln telecommunication services provided (a 6.3%  growth as compared with 2021). AMD 2.4bln production was recorded  (0.5%) or a 0.9% decline as compared with 2021. 

In 2022, the proceeds of the IT and Telecommunication sector totaled  AMD 124.6bln - a 3.4-fold growth as compared with 2021. 

In January-September 2022, total investments in Armenia totaled  $2.3bln, with a deceleration in the year- on-year growth from 34%  down to 17%. Direct foreign investments totaled $783mln, a 43% growth  against the previous 52%. The share of foreign investments in the  total investments in Armenia was 34.4%.   

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