Annual turnover of Armenia’s engineering sector expected to grow to 500 billion drams by 2025

YEREVAN, October 21. /ARKA/. The annual turnover of Armenia’s engineering sector is expected to grow to 500 billion drams by 2025, while the number of employees to 35,000 people, Deputy Speaker of the Armenian Parliament Hakob Arshakyan said October 21, speaking at the opening of the Armenia - Engineering Week 2021.

According to the press service of the parliament, it 2015 the sector had a turnover of about 60 billion drams (about 1.2% of GDP) and 8,000 employees. In 2020 the turnover amounted to 200 billion drams (about 3.2% of GDP) and the number of employees to 19 thousand.

Arshakyan stressed that these achievements resulted from cooperation between the public and private sectors.

"In the near future, the National Assembly and the Ministry of High-Tech Industry will come up with a new legislation that will herald the next stages and priorities in the development of our technological sector," he said.

According to one of the proposed changes, the specialists in demand will have the opportunity to submit an application online through the single window system in a simplified procedure and obtain the right to live and work in Armenia.

On October 21, a tripartite memorandum was signed between the Enterprise Incubator Foundation, the Engineering Association and the National Center for the Development of Vocational Education and Training. The parties will cooperate to promote the development of highly qualified specialists in engineering and related areas.

Minister of High-Tech Industry Vahagn Khachaturyan said: ‘A country that wants to develop, wants its citizens to live more prosperous, first of all, must create conditions for added value. The policy implemented to this day did not fit into this logic. Now the measures carried out by the government are aimed precisely at this.”

World Bank Country Manager for Armenia Carolin Geginat, in her turn, said that she was impressed by the engineering and ICT sectors of Armenia.

“You are creating, based on heritage, history, as a country with very strong technical skills. There is a trend that is spreading very quickly around the world, and now, due to the pandemic, it is developing faster: there is a great demand for the services that you provide,”she said.

Geginat also emphasized the great potential of the Armenian Diaspora and the government, which is ready to invest in the sector and carry out technical expertise to assist.

“In this regard, it is quite easy for the WB to be a participant in all this, and this is the reason that we are involved in the work of the engineering camp,” she said.

The Armenia - Engineering Week 2021 is being held by the Ministry of High-Tech Industry of Armenia, the Engineering Association and the Enterprise Incubator Foundation. ($1 - 476.47 drams) -0-

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20:59 10/22/2021