YEREVAN. – A double-digit growth has been registered in the high-tech sector in Armenia; High-Tech Industry Minister Hakob Arshakyan told this to reporters on Tuesday.

According to him, the turnover of Armenia’s high-tech companies has increased by 20.6% to 198 billion drams. He clarified that this refers to software companies and equipment manufacturers, and does not include the indicators of communication operators. "The number of employees [in Armenia] in the sector has increased by 22% to 18,747. The number of companies operating in the sector is 1,228. In 2020, another 192 companies applied for getting state aid tax benefits. Taxes [paid by this sector in Armenia] have increased by 14%, amounting to more than 41 billion drams in monetary terms," Arshakyan added.

The minister informed that in the case when in 2019 the average monthly salary in Armenia’s high-tech sector was 543,982 drams—without taxes, in 2020 it was already more than 580 thousand drams (over US$1,000). "In 2020, startups of Armenian origin—that is, companies that have research centers in Armenia—have invested $50 million. As a result, scientific products have been created in Armenia—mainly on the account of money attracted from abroad—which have become interesting for venture investors," said Hakob Arshakyan.