Wednesday, 12 December 2012
Silicon Valley Hosts Armenia’s Representative Office
Attended by the Prime Minister-led government delegation, Armenia’s IT and High-Tech Representative Office was officially inaugurated in the Silicon Valley Plug and Play Tech Center.
Then a memorandum of understanding was signed on the establishment of a first-ever venture capital fund in Armenia to allow access to financial investment for local IT companies.
Answering the journalists’ questions after the signing ceremony, Tigran Sargsyan stated in part, “The meetings held during the previous editions of ArmTech seem to have paved the way for a fifth congress. We witnessed today Armenia’s significant achievements in the IT sector. We identified four landmark events that may lead to tangible results, including the opening of Armenia’s representation the Plug and Play Center.
Many countries inclusive of developed ones have opened their representations in the Silicon Valley, because running a center like this means having a private sector development tool. It is even more important for Armenia since it would be impossible to follow the modern developments without keeping in touch with the Silicon Valley, while in this rapidly changing world we must be aware all novelties.
I would like to point out that this is a fairly good starting point. We are strong with the existing stock of Silicon Valley-based Armenian companies and the potential of young professionals. A network is up covering 200 small and medium-sized companies with Armenian participation.”
Tigran Sargsyan appreciated the launch of a State-private sector partnership-propelled venture fund to promote development in the IT sector: “A memorandum of understanding has been signed on construction of an integrated circuit producing plant in Armenia. This is an important step on our way to developing the IT industry as we are going to produce hardware in addition to software,” Tigran Sargsyan said.
The Prime Minister highlighted the signing of another memorandum of understanding with Intel on establishment of Intel’s corporate mission in our country. The Premier reminded that currently Armenia hosts such centers representing Microsoft, D-LINK. The head of the Armenian government believes that the aforementioned arrangements will give new impetus to the development of the IT industry in our country.
“It is crucial that we have a place of our own in the Silicon Valley and the Silicon Valley knows that Armenia is strong with highly qualified labor on the IT map. Finally, we will be trying to get gold of several niches on the global IT map using our competitive edge,” the Prime Minister added.
Down to the employment issue, Tigran Sargsyan said at least a thousand graduates are yearly called for by local IT companies which offer high wages and efficiency.
