The development of information technology and the creation of innovative research centres in Armenia is the state strategic goal for the coming decades. In 2014, the country’s parliament passed a bill on state assistance to the field of information technology. The bill proposes the creation of a new state assistance system in the field of IT for Armenia.
Since 2002, the Enterprise Incubator Foundation has been operating in the republic. Enterprise Incubator Foundation (EIF) is one of the largest technology business incubators and IT development agencies in the region. Established in 2002 within the framework of the World Bank’s Enterprise Incubator project, it is called to support the development of information and communication technology sector in Armenia through creating a productive environment for innovation, technological advancement and company growth.
In 2017, the financial turnover of ICT companies in Armenia crossed the US$600m threshold. The number of IT specialists in the republic exceeds 15,000. The republic is planning the creation of a special free zone for the development of high-tech projects, including blockchain. This idea was supported by the country’s government and it was planned to create a national Silicon Valley in 2019. At the first stage, an accelerator will be launched for high-tech projects from different countries. Then it is planned to create data centres on the blockchain, which will ensure the work of the accelerator.