YEREVAN, MARCH 17, ARMENPRESS. Armenia's competitive technical workforce creates a favorable investment climate for large ICT companies and multinationals. These specialists ensure annual productivity estimated at $48,000 USD for their companies.

Armenian ICT companies specialize in embedded software development, semiconductor design, customized software, outsourcing, financial software, multimedia, web design, information systems, and system integration. Armenia has made significant gains in semiconductor design and the creation of related intellectual property.

Today, about 450 ICT companies operate in Armenia, generating an average annual growth of 10%. The majority of these companies are Yerevan-based (about 88%), but we have to mention that the number of companies operating in other regions of Armenia is growing from year to year, due to the development of educational and scientific infrastructure, particularly in the Shirak and Lori regions.

 In 2015, 70 new companies were established, creating nearly 400 new jobs. In addition, the workforce in the ICT sector increased by around 1200, “Armenpress” reports.

The Survey of Armenia’s Information and Communications Technology industry has been implemented since 2002, both to follow up on the ICT developments and to address the identified issues, using tailored measures.