Turnover of Armenia`s IT, high-tech sector exceeds AMD 1,000bln 

ArmInfo.The technology sector of Armenia, in terms of IT alone (software development,  computer programs, data processing, etc.), closed 2024 with a turnover of 915 billion drams. This was stated by the Minister of High-Tech Industry of Armenia Mkhitar Hayrapetyan, citing data from the State Revenue Committee, during an event dedicated to the creation of the second Formula VC venture fund.

Taking into account the high-tech sector, as the minister further  noted, the turnover reached 1.150 trillion drams. , - the head  of the department said.

Noting that the IT sector accounts for 7-8% of GDP, Hayrapetyan said  that this is not enough, since the potential is much higher. In this  regard, he reported that 41,500 specialists work in the IT sector  alone, excluding high-tech. , the  minister added.

Addressing those gathered at the event, he noted that for more  tangible economic growth, it is necessary to unite common efforts,  while he called the IT community the driving force of economic  growth.

Mkhitar Hayrapetyan also noted that the government plans to increase  investment programs in the future aimed at the long-term development  of the technology sector. In this regard, the minister noted that  venture platforms play a key role in this process. , the head  of the department concluded.