The First Deputy Minister participated remotely in the Arrow Indo-Armenian Summit 2023

On March 29, First Deputy Minister of High-Tech Industry of the RA Gevorg Mantashyan took part remotely in the “Arrow Indo-Armenian Summit 2023”.

Gevorg Mantashyan presented the state support programs implemented by the Government of the Republic of Armenia aimed at developing organizations and start-ups in the field of information technology.

The purpose of the summit was to bring together entrepreneurs and leaders of the technological ecosystem of Armenia and India to discuss opportunities for closer cooperation.

By implementing such programs, the state also creates favorable conditions for individual entrepreneurs and information technology organizations to move to Armenia and carry out activities here, as well as to attract qualified labor. For companies that hire at least 10 new employees, local or foreign, from March 1, 2022, the state provides support in the amount of 50 percent of the income tax paid to the state budget for newly hired employees.

Also, in the case of the acquisition of an apartment or an individual residential building or the construction of an individual residential building, employees of local companies have the opportunity to use the return of interest paid for servicing a mortgage loan.

President of “APRI Armenia” Lara Sedrakyan also delivered a welcoming speech. The latter noted that the summit would be an incentive for expanding and developing business ties between the two countries.

The co-founder of “HyeTech” Nerses Ohanyan also took part in the forum. In his speech, he noted that the summit provided an excellent opportunity to network with Indian entrepreneurs, share unique experiences and build strong ties in the Indian tech ecosystem.

During the summit, the prospects for bilateral cooperation in the development of a startup ecosystem were discussed, and the importance of expanding cooperation in all areas of the high-tech industry, from household appliances to aerospace imaging, was emphasized.

The effective cooperation that has developed between the Armenian Space Research Laboratory “Bazoomq” and the Hyderabad “Skyroot Aerospace” was also mentioned, it was noted that it can serve as a good example for creating cooperation between start-ups in other areas.

The summit was organized by India’s leading innovation hub, “T-Hub”, which is one of the leaders in India’s innovation ecosystem.