Armenia may serve as bridge between West and technology markets of Eurasian Economic Union

YEREVAN, January 23. / ARKA /. Armenia has all chances to become a bridge between the West and technology markets of the Eurasian Economic Union (EEU), deputy executive director of the Union of Information Technology Enterprises (UITE) Hayk Chobanyan said today.

"We can become a bridge between EEU member countries and the West, which has tense relations now with Russia," said Chobanyan during a discussion on the opportunities and challenges of the Eurasian Economic Union.

According to him, 45% of investment in Armenia's IT sector come from the United States, and only 24% from the CIS.

"The American presence in Armenia's IT field is very large and significant, and we can serve as a bridge between the US and Russia, “ he said adding that Russian businesses are also showing interest in Armenian IT companies.

"We expect some investment from Russia now when Armenia is a member of the EEU but there is also a risk that some of these investments may move Armenian companies to Russia," he said.

He also added there are no risks for the development of cooperation with third countries because customs procedures with countries outside the EEU are the same.

According to the official data of the ministry of economy, Armenia’s IT sector grew by 25.2% in 2014 to $474.9 million. According to last year’s data, there were  over 380 IT companies in the country, of which 159 were companies with foreign capital.

The sector secures an annual 20-25% growth accounting for 3.8% of the GDP. In 2013 its annual turnover was worth $380 million. According to an IT development strategy, by 2018 this figure is to grow to $1 billion. -0—