EIF: Armenia’s IT sector to retain its growth at 25% also in 2012

YEREVAN, October 23. /ARKA/. Armenia’s IT sector will retain its growth at 25% also in 2012, Bagrat Yengibaryan, head of Enterprises Incubator Foundation, EIF, said Tuesday at a session of a council for promotion of IT industry chaired by the Armenian prime minister.

He said that although the annual growth with become known only in January 2013, but general trends are already seen.  

Yengibaryan said that IT industry’s output has already reached $250 million, while the 2011 output amounted to $205 million.

“I think this indicator will still grow before the end of this year,” he added.
Besides, 350 IT companies operate in Armenia now against 281 in 2011.
“Important is that Armenia-owned IT companies produce as much output as branches of foreign companies here,” Yengibaryan said. “It means organizations with local capital are successfully developing and resisting challenges.”

He said that 60% of Armenia’s IT products are exported, mainly to Northern America. Demand for Armenian IT products is growing also in Europe. Unfortunately, demand for them is still low in CIS and Russia’s markets. 
 
In 2000, Armenian government announced IT industry one of top-priority sectors of the national economy.

The Union of Information Technology Enterprises of Armenia says the country’s IT industry recorded a 30% growth in 2011, compared with 2010. -0--

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16:22 10/23/2012