Armenia authorities pledge new investment funds in tech

PanARMENIAN.Net - Armenia will soon see the launch of new venture funds and the implementation of large-scale technological projects, according to Hakob Arshakyan, Deputy Speaker of the National Assembly. He made the announcement during the 24th annual conference of the Union of Advanced Technology Enterprises (UATE).

"There are ongoing grant programs for startups that are fully under the government’s jurisdiction. Of course, we are working on refining certain legislative mechanisms, but overall, the investment environment within the startup community is quite attractive. Soon, you will witness the entry of new venture funds and large-scale solution-oriented projects in Armenia," Arshakyan stated, as reported by Armenpress.

He also mentioned that on February 26, the Council for Science and Technology Development will convene to discuss new institutional mechanisms for public-private sector collaboration. These initiatives aim to strengthen the links between education, science, and industry, fostering the development of state-backed programs.

Arshakyan emphasized that most Armenian companies within UATE operate in international markets. However, he stressed the importance of their greater involvement in Armenia’s digitalization efforts.

"I hope to see significant progress in this regard. While several companies are based in Armenia, many focus primarily on exports. Nevertheless, Armenia’s position in the sector is strengthening each year, and there is a clear opportunity to enhance its global recognition," Arshakyan noted.

He also highlighted the need for more graduates in engineering disciplines, urging parents to encourage their children to pursue careers in technology and science.

The UATE conference, held ahead of the organization’s 25th anniversary, has gathered around 300 participants from Armenia and abroad. The event will also feature elections for the UATE board and presidency.