Sectorial Brochure IT Sector of Armenia/ BA | Page 9

Innovative Technologies Ecosystem
£ Access to finance: venture capital funds, support of donor organizations (USAID,
EBRD, EU), loan guarantees provision for small and medium size companies
£ The government will support 427 companies in the IT sector until 2020-2022,
freeing them from corporate tax and collecting only 10% income tax
There are 3 Free Economic Zones (FEZ) in Armenia: Alliance (specialized in ICT,
engineering and pharmaceuticals), Meghri (on the Armenian-Iranian border with no
sector limitations), and Meridian (specialized in jewelry making). Residents of FEZ are
exempt from all taxes except payroll taxes. There are also on site “one stop” services and
custom registrations.
£ The World Congress on Information Technology (WCIT) 2019 will be held in
Armenia
£ TUMO Center for Creative Technologies received an award for “Fulfilling the
Promise of the Digital Age” from Chairman of the Commission Yvonne Chiu at the
World Congress on IT (WCIT) in Hyderabad, India in 2018
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£ TUMO Paris center opened its doors on the 25 of September in 2018. Paris is the
first international location of the TUMO Center for Creative Technologies. It will
provide free education to around 1500 Parisian teenagers. They will be able to
study filmmaking, computer programming, animation, graphic design, game
development, 3D modeling, drawing and music
£ Armath Engineering Laboratories won the "Sustainable Growth" nomination at
WITSA Global Excellence Award and "The best provider of IT education" award in
GITI-2016 regional event in Tbilisi
£ In 2018, UITE (Union of Information Technology Enterprises) and Lexicon PR
Management Service of India signed a memorandum of cooperation, according to
which the initial project of the Armenian “Armath” engineering laboratories will be
implemented in Indian schools
6 IT companies founded by Armenians attracted $1 million or more investments in 2017
USD 297.9 million
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