Armenian government developing measures to support companies’ digital transformation- minister

YEREVAN, May 5. /ARKA/. The Armenian government is developing a string of measures to support digital transformation of private sector companies, Economy Minister Vahan Kerobyan said today. He said more than 90% of companies in Armenia have not succeeded in digital transformation.

‘There is a huge market for helping companies move in this direction,’ Kerobyan said when speaking at a conference in Yerevan on the trends in the economies of the countries, which are members of the Russia-led Eurasian Economic Union (EEU).

"The economic productivity of the vast majority of Armenian companies is about $7 per hour, which is half as much as in Russia and about 12 times less than in Europe," the minister said. At the same time, he pointed out that this indicator shows there is growth potential.

"Digital transformation is one of the three components through which we can improve productivity," said Kerobyan.

He said the second part of the plan to improve economic productivity is to help companies upgrade their equipment and conveyor lines. He said the Armenian government has designed and launched a program to fully compensate for the interest cost of financing the purchase of new equipment.

Kerobyan also outlined the attraction of high-class specialists to the real sector of the economy. "I must say that in the last two decades, Armenia hasn't had a sufficient number of high-class specialists who can help businesses grow and be competitive on the world stage. Here too, we have a package of assistance measures ready for companies," he said.

He underlined that Armenia is expecting to promote economic growth with the participation of foreign partners, including those from Russia. --0—

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16:00 05/05/2022