“IT and software development represents a major opportunity for investment (in Armenia), and is one of the fastest growing sectors of the economy. At present more than 40 Armenian and 12 foreign software companies employ more than 300 programmers.“

“Armenia has approximately 6-7,000 specialists in the field, with 300 graduating every year from the State University’s applied mathematics faculty and the Engineering University. Many of Armenia’s IT experts were previously employed in the defense industry.”

“Armenia’s IT industry has very strong prospects, and has a leading role to play in the country’s long-term economic development not only as a profitable sector in itself, but also for its potential impact on other sectors. The low start-up cost and ready availability of highly skilled, inexpensive labour offers ample opportunity for investment.”

ARMENIA: COUNTRY INVESTMENT PROFILE
EBRD Report May 2000