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major sectors of the economy : jewelry and diamond processing : manufacturing : information technology : natural resources : chemicals and pharmaceuticals : agriculture : food processing : tourism : construction and construction materials : energy : transport : telecommunications : water
Information Technology
IT
and software development represents a major opportunity for investment,
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. The biggest software firm in Armenia is HPL Armenia, a subsidiary
of Silicon Valley-based Heuristics Physics Labs, Inc., which employs over
65 specialists. Other leading software firms are Hailink, Boomerang Software,
Yeretron, and Credence.
Because job opportunities are limited, a large number of programmers are
unemployed or work as computer maintenance specialists or operators, rather
than for software firms. However, software development has become so popular
in Armenia that many mathematicians and physicists are changing their
specialties to become software professionals. 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.
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 labor offers ample opportunity for investment.
Reasons to Invest
- Economic
growth and political stability
- Liberal laws and tax regulations
- Special regime and incentives for investors and businesses
- Government commitment to continued private sector development reform
- Government assistance in providing land, utilities, etc
- ADA's One-StopShop to circumvent bureaucracy
- Easy access to CIS and Middle East markets
- Strengthening banking system and stable local currency
- Highly qualified work force with specialized scientific skills
- Support
of the Worldwide Diaspora