Investor Presentaiton
Investment guide Armenia 13
industry where about 50% of
revenues of half of the companies is
generated from own R&D. Meantime,
efforts are being undertaken to
strengthen the engineering sector and
improve cybersecurity of the country
via the implementation of relevant
public private partnerships.
The Armenian labor market is
constantly supplied with skilled
workforce in high demand
thanks to learning mechanisms
that Armenian universities have
applied over the decades. The
educational methodologies used
by the universities are enhanced by
interactive sessions and are always
being updated to stay on par with the
quality of internationally acclaimed
institutions of higher education.
Universities put great stress on
training students in IT fundamentals
and in educating them to understand
the entire practical process. Today,
training methods applied by these
universities are enhanced with
new ideas and best traditions and
approaches of internationally known
institutions of higher education.
In partnership with the private
sector, the Government of Armenia
focuses on and strongly supports
the Information Technology industry
by implementing this industry
development strategy, adopted by
the Government in 2008. The main
goals of this strategy are to develop
technology and business incubation
infrastructure, improve the quality
and increase the number of technical
graduates, and to expand support and
financing mechanisms for technology
start-ups.
The technical workforce of Armenia
creates a favorable investment
climate for large ICT companies and
Multinationals, as well as private
equity and investment funds. In recent
years the industry demonstrated
a sharp increase in the number of
newly formed companies, both
local startups and branches of most
prominent multinational corporations
such as Microsoft, IBM, Oracle, Cisco,
Synopsys, National Instruments,
DLink, VMware, Mentor Graphics, etc.
The high interest shown is mostly
due to the capabilities of local
workforce to cater to the Research
and Development needs of the large
corporations together with the large
potential in innovation creation.
Meantime the human capital in ICT
in the country is constantly being
upgraded and developed through
implementation of higher education
programs, trainings and support to
scientific researches to keep up with
the growing demand of specialists
in the area of ICT in the country and
abroad.
Therefore, Armenian National
Engineering Laboratory, Microsoft
Innovation Center, IBM Innovative
Solutions and Technologies Center,
Armenian-Indian Center for Excellence
in ICT, mLab Regional Mobile
Applications Laboratory for ECA
(NOKIA) have been established to
further promote and develop R&D
potential in the country.
Since 2000 when the Government of
Armenia declared the IT sector as one
of the priorities in the development
of the Armenian economy various
targeted actions have been
undertaken to bring the decree to life.
One of the large undertakings for the
development of ICT sector in Armenia
was the establishment of Enterprise
Incubator Foundation in 2002 within
the framework of the World Bank's
"Enterprise Incubator" project. Since
its establishment EIF has played a
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