New Defense Systems Developed by Armenian Companies Enter Serial Production – Vice Speaker

YEREVAN — Over 60% growth was recorded in the Armenian high tech sector, Vice Speaker of Parliament Hakob Arshakyan said in parliament during debates of the bill on amending the Law on Industrial Policy.

“We can say that this year we had record results. There are various methodologies for calculations. By one of them, we have over 60% growth in the high technologies sector. Since the creation of the Ministry of High Tech Industry, the directions of funding increased several times in some cases, and tenfold in other cases, both in high technologies and military-industry. Particularly, new types of defense systems were developed which are already in serial production,” Arshakyan said.

Arshakyan said that tens of Armenian companies received innovation grants as part of state grant programs, which bring investments from international funds and truly change the picture in the Armenian reality. Arshakyan reminded that the government is doubling science funding, which in turn will lead to registering new intellectual properties, based on which new investments will flow into Armenia