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YEREVAN, MARCH 18, ARMENPRESS. Exports of the IT field have significantly increased in 2015, reaching 214.4 million US dollars, which makes 50% of the software and services sector (without internet service providers). The export market is still dominated by foreign companies, whose share of exports is 76%.
As "Armenpress" reports, according to the data of Enterprise Incubator Foundation, the maximum share of exports- about 79.5% goes to the US and Canada, 10.8 percent to Europe and 8.4% to Russia and other CIS countries. Among other countries where there is demand towards Armenian services is the UAE, which mainly outsources customized accounting, banking and finance programs.
Software and services companies are branches of foreign enterprises that export their products almost completely. In addition, many local businesses also export significant portion of their products and services. Over 50% of IT companies export their products and services, but by different volumes.
The study identified the main factors impeding the growth of exports. These include the poor awareness by international business community of the Armenian IT sector, remoteness from major IT markets, as well as the language barrier, which, however, is less important.