Armenia's Technosphere Continues to Grow Despite Geopolitical Threats: UEICT Executive Director (EXCLUSIVE)

YEREVAN, October 19. /ARKA/.  Speaking to ARKA news agency on the margins of Silicon Mountains Summit in Yerevan the Executive Director of the Union of Employers of Information and Communication Technologies (UEICT) Eduard Musayelyan focused on the impact of geopolitical processes on Armenia's IT industry, its growth despite all challenges, as well as on the advantages of Armenian companies in the world and the region.

Musayelyan noted that Armenia has faced many serious challenges in recent years. It would seem that all spheres should decline, but surprisingly, the decline in the technological sphere has a peculiarity: after a small decline, there is a big rise.

"Based on the recent events in Artsakh, it seemed that Armenia might have an image problem, but our event (Silicon Mountains Summit) is a vivid proof that companies not only do not cancel their visits to Armenia, but also arrive in large teams and participate in the technological development of the country," he said.

According to Musayelyan, although one cannot say that the geopolitical changes have not impacted the industry, there is a desire within it to ensure changes in the country, to maintain and increase the growth recorded in recent years.  

"Looking at the neighboring countries, one can say that our technological companies are much more interesting, larger and better equipped, in particular, advanced companies in the field of microelectronics have their offices in Armenia and conduct R&D work here," he said.

Musayelyan believes that with the right investments in human capital one can get extremely good results.  He stressed that for the development of the sphere it is necessary to reconsider the format of tax benefits, as neighboring countries offer better conditions.  

"Many companies that came to Armenia after  the Russian-Ukrainian conflict, are relocating to other countries where tax benefits are better. We have to understand what we need and quickly promote our strategy," he said.  

According to him, Armenia has already lost many previously relocated companies, as many of them came to the country temporarily.  

"There are even companies that have gone back to Russia and Ukraine. But I believe there is still a chance to retain the rest," he said.  

Musayelyan noted that if active steps are taken, it is possible to keep the existing figures.  

He said that more and more Armenian companies, rather than foreign co-financed companies, have been opening in Armenia recently.  

"Armenian companies have certain competitive advantages, as many of them try to test their products on the scale of Armenia. If the testing goes well, they manage to export the products," he said. -0-

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11:10 10/19/2023