Over 2000 Tech Companies Relocated to Armenia in the Last Year, Says Kerobyan

Due to the situation in Ukraine and sanctions, around 2000 high-tech companies (mostly in programming) have relocated to Armenia over the past year. Most of them are from Russia. This was stated by the Minister of Economy of Armenia, Vahan Kerobyan, at the annual DigiTec high technology conference held in Yerevan.

According to him, about 50,000 programmers and other high-tech specialists have moved to Armenia. Kerobyan noted that this indicates that the open economy model in Armenia allows for the attraction of high technologies.

The minister claimed that Russian companies and specialists have brought with them new work culture and professional knowledge.

Kerobyan emphasized that the government is undertaking a number of support measures for business modernization. One of the programs involves subsidizing interest rates on loans for the acquisition of new equipment, while another partially subsidizes salaries for invited high-class specialists. Over 1,200 applications have already been received for the first program, and around 300 for the second.

A third component, which will subsidize costs for the digitalization of business processes, is set to be implemented soon.