Armenian government adds 'digital' component to companies' economic modernization program

YEREVAN, January 25. /ARKA/. The Armenian government has added today a new component to a program developed to help companies modernize in order to increase their productivity.

Economy Minister Vahan Kerobyan said that after the programs' inception a year and a half ago, about 3,500 companies have become its beneficiaries, upgrading their equipment, conveyors and factories for a total of AMD 207 billion (over $500 million).  

"At the moment, about 40% of the investments have been channeled into the manufacturing industry; another 47 billion drams have been invested into the construction sector. Other industry companies are also upgrading their equipment quite quickly," he said.

Kerobyan recalled that the second component of the program is about attraction of highly qualified foreign specialists with the government subsidizing 20%, 50% or 70% of their salaries for three years.

According to the minister, twenty-eight companies have attracted 367 specialists.

"Now we are introducing the third component, which urges companies to digitalize their operations. Today over 90% of companies in Armenia are not digitalized. With this tool we want to help companies become digital, modernize and digitalize their processes," he said.

The minister explained that at the first stage companies will be provided with a subsidized consulting loan; at the second stage the digitalization process will be subsidized, and at the third stage half of the consulting loan provided to the companies will be returned to them in the form of a grant if digitalization and export diversification are successful. -0-