UITE: Armenia can serve as bridge between western and Eurasian Economic Union it markets

YEREVAN, January 23. /ARKA/. Armenia has all chances to become a peculiar bridge between western technology markets and the Eurasian Economic Union, Hayk Chobanyan, deputy executive director of Armenia's Union of Information technology Enterprises, who took part today in a discussion titled the Opportunities and Problems of the Eurasian Economic Union, told journalists.

«We can occupy an interesting niche at IT market, serving as peculiar bridge between the Customs Union countries and the West that has certain problems with Russia now,» he said. 

Chobanyan said 45% of investments in Armenia's IT sector come from the United States and only 24% from the Commonwealth of Independent States. 

«American presence in Armenia's IT area is very large and significant, and we can become a bridge between the United States and Russia,» he added. 

The deputy executive director stressed that Russian business people's interest in Armenia's IT industry rose recently. 

“We expect certain investments from Russia in the context of Armenia's accession to the Eurasian Economic Union, but there are also risks that some part of these investments will be made to relocate some Armenian IT companies to Russia,” he said. 

Chobanyan said he see no risks for development of cooperation with third countries, since customs procedures with countries who are not Eurasian Economic Union members remain unchanged. 

According to the Armenian economy ministry, the aggregate earnings of the country's IT companies grew 25.2% in 2014 to $474.9 million. 

In 2000, the Armenian government declared IT industry the top-priority segment of the national economy.

Some 380 IT companies functioned in the country in early January 2014. Of them, 159 were the companies operating with foreign capital or offices of foreign companies. 

The IT sector accounts for a 20- or 25-percent growth every year and a 3.8% contribution to GDP.  In 2013, the sector enjoyed a 22% growth. IT industry's turnover amounts to $380 million every year and is planned to grow to $1 billion by 2018.  

Armenia became a full member of the Eurasian Economic Union on January 1, 2015. --0--