December 18, 2019 - 14:39 AMT
Armenia allocates more funds for military industry

More funds will be allocated to the military industry in 2020, Hakob Arshakyan, Armenian Minister of High-tech Industry, said on Wednesday, December 18.

Arshakyan had revealed earlier that budgetary allocations in the military industry will grow by 122% year-on-year. Out of the AMD 12.5 billion ($26.3 million) to be allocated to the Ministry of High-tech Industry, AMD 6.3 billion ($13.3 million) were to be spent on military industry.

The Minister said on Wednesday, however, that AMD 1 billion (approx. $2.1 million) will be added to the sum set to be used on the development of new weapons and military technology.

Some of the expenses will be directed to scientific research, while the remaining part will be spent on the development of production capacities aimed at exporting Armenian military products to foreign markets.

To achieve these goals, Armenia has developed a strategy for high-tech and military industry development and digitization for 2020-2025.