High-tech industry support program to launch April 1

PanARMENIAN.Net - The government has approved a new seven-year support program for the high-tech sector, set to commence on April 1.

Minister of High-Tech Industry Mkhitar Hayrapetyan announced that the program is built upon three main mechanisms aimed at promoting sector development, as reported by Panorama.am.

According to him, the first mechanism pertains to organizations that have engaged labor migrants or will include them starting from March 1, 2022. These companies will receive support amounting to 60% of the income tax for the respective specialists.

The minister also emphasized that companies will receive support equivalent to 60% of the income tax for specialists newly entering the labor market.

"The third direction involves companies receiving 50% income tax support for specialists retrained through professional training educational programs," he said.

Additionally, Hayrapetyan noted that the project clarifies the definition of "high technologies," encompassing not only the information technology sector but also branches of high-tech industry, with the aim of forming a knowledge-based economy.

Mkhitar Hayrapetyan added that a specially created interdepartmental commission will handle the selection of applicants wishing to benefit from the support program.