Relocated people impact on Armenia's high tech industry growth

GLENDALE, Calif. - May 31, 2022 - PRLog -- Since the start of 2022 large numbers of people have moved from CIS countries to Armenia, Yerevan city. The term "relocation" has become familiar to us. The turmoil of the first days is long gone, but the process continues, it takes deeper roots, affecting Armenia's economic activity. Most of the relocated people are from the IT sector. So what makes Yerevan attractive? And how many people are moving to Armenia?

To find out, let's start from the beginning, what image do we have in the Armenian tech ecosystem and finally how much can Yerevan expand?

According to the report, within the framework of the 17th measure to neutralize the economic consequences of the coronavirus, in 2021, newly established technology companies were provided with state assistance in the form of grants of about 1 billion drams. In addition, about 429 million AMD grants were provided to 40 startups at different stages of product development within the framework of the 3 components of the "From Idea to Business" grant program.

2021 was full of offline and online events, meetups, new educational programs, active investments, and more. It can be considered a year of investments in Armenian IT.  Many startups with Armenian founders and offices here have announced venture investments. For example Krisp, SoloLearn, SuperAnnotate, 10Web,  Podcastle, FoodStruck, Cognize, etc. There are also many Armenian startups that are still growing (https://intech.am/armenian-rising-startups-with-great-dev...) and great developments await them in the future.

Also, PicsArt became a Unicorn. This is the first company established in Armenia, the value of which exceeds $ 1 billion. There are many companies that have not announced the closing of investment rounds. / Learn more about rising star Armenian startups: https://bit.ly/armenian-startups /

Competitive advantages of Armenia

Armenia has competitive advantages over other countries in the region in this field:

• The ability to carry out research and experimental work in accordance with international standards;
• High quality and talented specialists,
• Basic university programs in IT and other related specialties, and cheap labor force with a high level of competition and also low operating costs,
• Tangible state support to the sector and willingness to improve the investment field,
• Progressive development of the IT sector,
• Strong Diaspora in Europe and North America;
• Extensive experience in cooperation with large transnational companies,
• A legal framework that meets the best international standards for the protection of intellectual property.

The above-mentioned advantages have become the basis for relocation to Armenia. The flow of Russian citizens to Armenia started on February 24, 2022.

Find more about Armenia's IT industry growth here: https://intech.am/moving-to-armenia-how-much-can-yerevan-expand/