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%.