Armenian it sector not affected by global crisis

26.10.2009 17:29
Armenian it sector not affected by global crisis

YEREVAN, October 26, /ARKA/. The global economic and financial crisis has not affected Armenian informational technology (IT) sector, Vache Kirakosian, head of an economy ministry department in charge of information and high technologies, said last Friday at Novosti International Press Center.

He said the crisis has had some impact on the sector, but it was somewhat ‘strange,’ because some big IT companies closed down, but not because of the crisis, however, in lieu of them new companies emerged.’ He said no downturn has been registered in the sector so far and in all likelihood it will post some growth by yearned.

Bagrat Yengibarian, director of the Enterprise Incubator Foundation (EIF), said a large-scale study of the sector has been started and the findings will be summed up at the end of the year. According to him the sector remains very attractive. As evidence he said many new companies have been set up recently.

Armenian IT sector’s turnover in 2008 amounted to $110 million, rising by 27% from 1998.

The share of purely Armenian companies’ turnover rose last year by 45%. According to prime minister Tigran Sarkisian’s forecasts, IT sector will post a 20% growth this year despite the crisis. The sector employs 5,000 employees with an average $700 salaries. -0-


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