News Column

Armenia : WORLD BANK finds ARMENIAN IT sector promising

June 24, 2014

Senior World Bank analyst Sandra Sargent declared that Armenia s IT sector has great potential for growth due to the high level of innovation shown by Armenian developers.

Information and high technology is the most speedily establishing branch of Armenia s economy. The sector (excluding Internet providers) registered an average annual growth rate of 22 percent since 2006 and its total outcome approached $294 million in 2013.

The total number of firms in IT and high-tech achieved 380 and employees amount to 8,000 people. About 13% of these firms deal with high technology.

Sargent stated that IT specialists are required all over the world, but there is an acute demand for them in Armenia as of the small size of the country and the equally small labor market. The only solution is bolstering the number of IT specialists in Armenia.

The World Bank expects to facilitate relations between the educational system and the private IT sector.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters