35 startups from Armenian Diaspora take part in Neruzh 5.0 program 

ArmInfo. This year, 35 Armenian startups from the Diaspora are participating in the Neruzh5.0 program. This was announced by the Minister of High-Tech Industry of Armenia Mkhitar Hayrapetyan during the opening ceremony  of the program.

Startups participate in this program with the aim of presenting their  technological ideas, developing them and turning them into a  sustainable business in Armenia itself.

In this regard, the Minister emphasized that Neruzh5.0 is an  important step in the context of creating bridges with the Diaspora  and realizing its technological potential in Armenia. "For many, the  decision to participate in the program will be a turning point, since  it involves moving to Armenia and contributing to the development of  its technological sphere," he noted.

Hayrapetyan presented the participants with initiatives, including  legislative ones, stimulating the high-tech sector. He noted that the  idea of turning Armenia into a technology hub lies at the heart of  everything. The goal of the state program of diaspora technology  startups "Neruzh" is to promote the economic progress of Armenia and  the development of the startup ecosystem, professional repatriation  and the involvement of pan-Armenian potential and opportunities in  the processes of economic development of Armenia. A total of 64  startups from 20 countries applied for participation in the program  this year.

According to the Statistical Committee of the Republic of Armenia,  the revenue of the information and communication technology (ICT)  sector in Armenia increased by 10.4% in the first half of the year,  amounting to 440.8 billion drams. At the same time, the services  provided in the IT sector alone decreased by 14.1% over the year to  186.8 billion drams. The production segment in ICT also showed a  decline - by 49.2% to 357.6 million drams. While trade in this sector  increased by 1.6 times, reaching 174.4 billion drams.

Last year Armenia improved its position in the Global Startup  Ecosystem Index, taking 57th place among 100 countries (instead of  60th a year earlier), overtaking Georgia and becoming the leader in  the region. A few days earlier, Modex consulting company director  Haykaz Fanyan reported that over the past 10 years, only the top 10  startups (by funding amount) have attracted about $490 million,  mostly from foreign investors. Unfortunately, the vast majority of  these companies are registered in other countries and foreign  investments made in these companies are not taken into account by  Armenia, he added.