Armenia announces new incentive to boost high-tech industry

The Armenian government will launch a 7-year program to support the development of the high-tech sector. 

Minister of High-Tech Industry Mkhitar Hayrapetyan revealed the details of the program on Thursday.

“Companies who have been hiring migrant workers since March 1, 2022 will receive 60% of the revenue tax in support. 60% of the revenue tax will be returned to companies that will hire new university graduates, as well as trained experts. 50% of the revenue tax in support will be given to companies who are hiring employees undergoing trainings,” he said.

Companies operating in the areas of computer and optic equipment production, aircraft and spacecraft production, software development and information services are eligible for the program, whereas in the past years the focus was solely on IT.